Nigeria is expected to see a rise in its foreign debt to around $51 billion, as President Bola Tinubu seeks Senate approval for an additional $7.8 billion and €100 million as part of his 2022-2024 borrowing plan. Some financial analysts dispute the official reasoning behind the borrowing, suggesting it's mainly a short-term solution for the country's balance of payments crisis.

As of June 2023, Nigeria's foreign debt was at $43.2 billion, with domestic debt at N54.1 trillion, resulting in a total public debt of N113.4 trillion. With the president's request for more borrowing and the depreciation of the naira, the total public debt is projected to reach N130 trillion.

In a letter to the Senate, President Tinubu explained that the request was based on the previous administration's approval in May 2023. The projects in the borrowing plan focus on various sectors, including infrastructure, agriculture, health, education, water supply, security, employment, and financial management reforms.

Some financial experts express concern over the latest borrowing round, suggesting that the government should explore non-debt financing sources. Others believe the borrowing is necessary to stabilize the exchange rate and meet the demand for foreign exchange. However, there are calls for the government to discontinue plans to borrow and focus on improving export volume and production capacity to boost the nation's GDP.