Since assuming office in May 2023, President Bola Tinubu has pursued aggressive economic reforms while simultaneously expanding Nigeria’s borrowing profile to finance budget deficits, infrastructure projects, and economic recovery efforts. As the government seeks additional loans, debates continue over whether the strategy will accelerate development or deepen Nigeria’s debt burden. One of the administration’s major justifications for borrowing has been the need to fund large-scale infrastructure projects. A major confirmed facility under the current administration includes a World Bank financing package of about $2.25 billion approved in June 2024, structured to support economic stabilization reforms, power sector improvements, and social protection programs. These loans are typically concessional and backed by sovereign guarantees rather than physical collateral. In addition, Nigeria has continued to access international capital markets through Eurobond issuances. In D...