President Bola Tinubu has requested the House of Representatives to approve 2.35 billion in external loans to help finance the 2025 budget deficit and refinance maturing Eurobonds.
In a letter read by Speaker Tajudeen Abbas on Tuesday, Tinubu also proposed issuing a 500 million debut sovereign Sukuk in the International Capital Market to fund infrastructure and broaden Nigeria’s financing sources.
Breakdown of the request:
- 1.23 billion to part-finance the 2025 budget deficit.
- $1.12 billion to refinance a Eurobond maturing on November 21, 2025.
The borrowing is backed by the Debt Management Office Act (2003), requiring legislative approval for external financing.
Tinubu said the move is necessary to:
- Bridge infrastructure funding gaps.
- Diversify investor sources.
- Deepen the federal government’s securities market.
He noted the government has already raised ₦1.39 trillion via Sukuk domestically since 2017 for road infrastructure projects.
