Nigeria, Sept. 30 -- Nigeria's external debt has ballooned by around $11.4 billion since President Bola Ahmed Tinubu took office as the Federal Government taps into fresh borrowing to fund economic reforms and a huge deficit.

Nigeria's external debt grew to around $43.1 billion in May 2023 to approximately $54.5 billion by June 2026, as reported by Nairametrics.

The News Chronicle reports that the growth has been driven largely by new World Bank financing, Eurobond issuances and syndicated loans, while the government has also tapped into other external financing avenues.

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Nigeria's World Bank debt jumped to $15.4 billion to about $20.7 billion during the period, follow...