President Bola Tinubu has requested the approval of the House of Representatives to borrow $2.35 billion in external capital to finance part of the 2025 budget deficit and refinance Nigeria’s maturing Eurobonds.
The request was contained in a letter addressed to the Speaker of the House, Tajudeen Abbas, and read during Tuesday’s plenary session.
In the same correspondence, the President also sought legislative approval to issue a $500 million debut sovereign sukuk in the International Capital Market (ICM). According to the letter, proceeds from the sukuk would be used to fund critical infrastructure projects and help diversify Nigeria’s sources of financing.
Tinubu explained that the borrowing plan aligns with his administration’s medium-term debt management strategy, aimed at ensuring fiscal sustainability while supporting key development priorities.
The House is expected to deliberate on the request in the coming days before forwarding its resolution to the Presidency.
