The House of Representatives on Wednesday approved President Bola Tinubu’s request to obtain $2.347 billion from the international capital market to part-finance Nigeria’s 2025 budget deficit and refinance maturing Eurobonds.
The decision followed the consideration and adoption of a report by the House Committee on Aids, Loans, and Debt Management, chaired by Hon. Abubakar Hassan Nalaraba, during plenary presided over by Speaker Tajudeen Abbas.
According to the committee’s report, the borrowing plan includes $1.23 billion to bridge the 2025 budget deficit and $1.12 billion to refinance Eurobonds maturing in November 2025. Lawmakers also approved the issuance of Nigeria’s first-ever $500 million Sovereign Sukuk bond in the international market, either with or without a credit guarantee.
The House authorised the Federal Government to implement the external borrowing component of the 2025 Appropriation Act, amounting to ₦1.84 trillion (about $1.23 billion) at a budget exchange rate of ₦1,500 per dollar. The loans are to be accessed through Eurobond issuance, loan syndication, bridge financing facilities, or direct borrowing from international financial institutions.
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Since assuming office in May 2023, President Tinubu’s administration has pursued external funding to support fiscal operations and reform programmes. Between 2023 and 2025, Nigeria secured around $7.2 billion from the World Bank and $1 billion from the African Development Bank to strengthen economic growth and key development initiatives.
The Deputy Speaker, Benjamin Kalu, who presided over the Committee on Supply session, put the motion to a voice vote, which lawmakers unanimously approved.
