President Bola Tinubu has requested the approval of the House of Representatives to borrow $2.35 billion in external loans to fund part of Nigeria’s 2025 budget deficit and refinance maturing Eurobonds.
The request was contained in a letter addressed to the Speaker, Tajudeen Abbas, and read during Tuesday’s plenary session.
Tinubu also asked the National Assembly to approve plans to issue a $500 million debut sovereign sukuk in the International Capital Market (ICM) to finance infrastructure projects and diversify the country’s funding sources.
- VIDEO: Woman Claiming to Be Chris Okafor’s Former Wife Makes Explosive Allegations
- I will not be vice-president to anybody ~ Peter Obi
- Israel recognises Somaliland as sovereign state
- 70-year-old Indian woman gives birth to her first child
- Ghanaian Prophet, Eboh Noah, Builds 8 Arks, Reveals God Has Warned Him That The World Will End On Christmas Day ~ Not By Fire, But By Another Global Flood.
- VIDEO: Pregnant wife bursts into tears as husband refuses to go beg neighbour Jollof rice
According to the President, the borrowing request is in line with Sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003, which mandate legislative approval for new loans and refinancing programs.
The proposed borrowing plan includes $1.23 billion (about ₦1.84 trillion) to partially finance the 2025 budget deficit and $1.12 billion to refinance Nigeria’s Eurobond maturing on November 21.
Tinubu emphasized that the loans would be obtained on concessional terms and would not pose significant risks to the country’s debt sustainability profile.
