Nigerians Divided Over Approval of Tinubu’s $6bn External Loans

The decision by the National Assembly to approve President Bola Tinubu’s $6 billion external borrowing request has sparked widespread reactions across Nigeria.

The National Assembly recently approved the Nigerian government to borrow a loan totalling $6 billion, which entails $5 billion from First Abu Dhabi Bank and $1 billion from the UK.

According to the presidency, the loan is intended to support budget implementation, finance key infrastructure projects, and refinance existing debts.

The figures from Nigeria’s Debt Management Office (DMO) show that the country’s total debt stock stood at $110.3 billion, or N159.2 trillion, as of December 31, 2025.

The proposed $6 billion loan has become a growing source of anxiety for many citizens.

While government officials have framed the move as a strategic step toward economic recovery and development.

Across major cities and online platforms, public opinions were aired. Many Nigerians are asking whether borrowing is needed and what its long-term effects will be.

Some Nigerians view the loans as a pragmatic solution to the country’s fiscal constraints, especially in the face of dwindling revenues and increasing expenditure demands.

According to Ibrahim Musa, an entrepreneur in Abuja, he said, “I don’t think borrowing is the problem; the real issue is whether the money will be used for what they are saying. If it goes into infrastructure like ports and roads, then it can help businesses grow.”

Others gave similar sentiments that borrowing is not inherently harmful if it is tied to productive investments. They point to the proposed rehabilitation of key ports as a potentially transformative project for trade and economic activities.

Mrs Chioma Nwankwo, a logistics consultant based in Lagos, believes that “If the government fixes the ports, it will reduce delays and costs for importers and exporters; that alone can boost the economy and create jobs.”

However, a significant number of Nigerians remain sceptical, citing past experiences where borrowed funds failed to translate into visible development.

“We have seen this before with huge loans with little to show for it,” said Adebayo Ogunleye, a civil society advocate. “The concern is not just about borrowing but about transparency and how these funds will be managed.”

For some, the approval of additional loans raises fears about the sustainability of the country’s finances and the burden on future generations.

A public school teacher in Kano, Zainab Abdullahi, through her X handle, asked how the government will repay the loans.

“How will we pay back all these loans? “It feels like we are pushing the problem forward without solving the root issues,” she asked.

Many X (formerly Twitter) users have called for greater transparency and public accountability, urging the government to provide regular updates on how the funds are being utilised.

Also, civil society organisations have also joined the conversation, calling for stronger oversight by the National Assembly and relevant agencies.

They emphasise the need for detailed project tracking, public disclosure of loan terms, and independent audits to ensure that the funds achieve their intended purpose.

Meanwhile, Mr Emeka Eze, an economic analyst, warns that the effectiveness of the loans will depend heavily on fiscal discipline and project execution.

“External borrowing can be beneficial if it is concessional and tied to high-impact projects, but Nigeria must ensure that these funds are not wasted and that there is a clear repayment strategy.”

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