Some financial analysts have disputed the official rationale behind the borrowing, suggesting that it is primarily intended as a short-term loan to address the country’s current balance of payments crisis.
As of June 2023, Nigeria’s foreign debt stood at $43.2 billion, with domestic debt reaching N54.1 trillion, resulting in a total public debt of N113.4 trillion. With the president’s request for additional borrowing, coupled with the depreciation of the naira, the total public debt is projected to reach N130 trillion.
