President Bola Tinubu has cut his external borrowing request to $7.7 billion, about ₦10.79 trillion, down from the $20.52 billion plus €1.045 billion he first sent to the National Assembly. Senate President Godswill Akpabio says the new letter, dated 26 October, cancels the old one.
The smaller figure arrives with Nigeria’s debt already at a record. Public debt stood at ₦166.79 trillion on 30 June, up from ₦87.38 trillion in June 2023. It rose by ₦7.44 trillion in the second quarter alone.
Servicing that debt is taking a growing share of what the government earns. Figures reported in the Nigerian press put interest payments at 53.7% of revenue in 2026, up from 40.8% in 2024.
