The National Assembly has approved President Bola Ahmed Tinubu’s request to obtain $2.347 billion from the international capital market (ICM) to part-finance the 2025 budget deficit and refinance maturing Eurobonds.
Lawmakers also approved the President’s plan to issue a $500 million debut sovereign sukuk in the international 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.
At the House of Representatives, the report was presented by Hon. Abubakar Hassan Nalaraba, Chairman of the Committee on Aids, Loans, and Debt Management, during a plenary session presided over by Speaker Tajudeen Abbas.
The lower chamber endorsed the implementation of a new external borrowing of ₦1.84 trillion (equivalent to $1.229 billion) at the budget exchange rate of $1 = ₦1,500, as provided in the 2025 Appropriation Act, to partially finance the ₦9.27 trillion budget deficit.
In his earlier communication to the legislature, President Tinubu stated that the borrowing plan was in line with Sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003, which mandate legislative approval for new external loans and refinancing arrangements.
He explained that the funds would be raised through Eurobonds, loan syndications, or bridge financing facilities, depending on prevailing market conditions and Nigeria’s fiscal needs.
