By Samuel Abasiekong-Abasiekong
Besides the mid-2025 report of the Debt Management Office (DMO) which puts Nigeria debt at N97 trillion Naira, Mr. Bola Hamed Tinubu the 16th President of the largest demography in Africa has today sought Senate approval for another $516.3 million loan from a Deutsche Bank to fund the execution of Sections 1, Phase 1A and 1B of the Sokoto-Badagry Superhighway.
In his letter to the Senate, President Tinubu said the proposed financing arrangement comprises a syndicated loan to be secured through Deutsche Bank AG, supported by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank.
He also explained that the Federal Government would provide counterpart funding in the sum of ₦265,542,689,569, covering land acquisition, compensation, and ancillary infrastructure.
According to the application, the loan has a tenor of nine years, including a grace period of up to three years, with an interest rate not exceeding the Chicago Mercantile Exchange (CME) SOFR plus 5.3 percent per annum.
Tinubu further said the Executive Council had already approved the financing arrangement and requested the Senate to include the loan in the national borrowing plan.
Others foreign loans approved by the Senate since Tinubu came to office in 2023 came through multilateral lenders, China, Japan, UAE, and domestic foreign-currency bonds.
Like the 2025-2026 External Borrowing Plan which was approved in July 22, 2025 with a total package of $21.5 billion + €2.2 billion + ¥15 billion, plus a €65 million grant, plus ₦757.98 billion domestic bond gotten to settle pension arrears under Contributory Pension Scheme dating back to Dec 2023.
And in October 2025, $2.847 billion foreign financing was approved.
The breakdown is $2.347 billion from international capital market to part-finance 2025 budget deficit, and
$500 million borrowed from Sovereign Sukuk for critical infrastructure projects nationwide.
The third loan of Tinubu administration was approved again in October 2025 was $6 Billion.
The breakdown of the third loan we are told was $5 billion from First Abu Dhabi Bank, UAE backed by naira-denominated securities.
$1 billion of the third loan was for Lagos Port Complex & Tin Can Island Port rehabilitation arranged by Citibank London, backed by UK Export Finance pecked at 14-year repayment, 48-month availability.
In November 2024, $2.2 billion Loan was Approved for the purpose of funding ₦9.1 trillion deficit in 2024 budget
The present day Nigeria has other loans from Germany, UK (via UKEF guarantee), France, India, Brazil, World Bank, AfDB, IsDB as multilateral lenders which 9newsng.com sketchy details but wishes to publish the whole content when it has full details.
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