The National Assembly on Wednesday approved President Bola Ahmed Tinubu’s request to secure a total of $2.347 billion from the international capital market to part-finance the 2025 budget deficit and refinance maturing Eurobonds.
Lawmakers also granted approval for the President’s plan to issue a $500 million debut sovereign sukuk in the international capital market to fund key infrastructure projects and diversify Nigeria’s financing sources.
The approvals followed the consideration and adoption of reports presented by the Senate and House Committees on Aids, Loans, and Debt Management.
In the House of Representatives, the report was presented by the Committee Chairman, Hon. Abubakar Hassan Nalaraba, during plenary presided over by Speaker Tajudeen Abbas.
The lower chamber approved the implementation of new external borrowing amounting to ₦1.84 trillion ($1.23 billion) at the 2025 budget exchange rate of ₦1,500/$1, to partly fund the budget deficit of ₦9.28 trillion.
President Tinubu had earlier sought the lawmakers’ consent, citing provisions of Sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003, which mandate legislative approval for all new external borrowings and refinancing arrangements.
He explained that the funds would be raised through Eurobonds, loan syndications, or bridge financing facilities, depending on prevailing market conditions, to support fiscal stability and maintain Nigeria’s creditworthiness.
