The National Assembly on Wednesday approved President Bola 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 approved the President’s request to issue a $500 million debut sovereign Sukuk in the international capital market to fund infrastructure projects and diversify Nigeria’s financing sources.
The approval followed the consideration of reports from both chambers’ Committees on Aids, Loans, and Debt Management.
In the House of Representatives, members adopted the report presented by the committee chairman, Hon. Abubakar Hassan Nalaraba, during plenary presided over by Speaker Tajudeen Abbas.
The lower chamber approved the implementation of a new external borrowing of ₦1.84 trillion (equivalent to $1.23 billion) at the budget exchange rate of $1 = ₦1,500, as provided in the 2025 Appropriation Act, to part-finance the ₦9.28 trillion budget deficit.
President Tinubu had earlier sought legislative approval for the borrowing, citing Sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003, which require National Assembly consent for new loans and refinancing arrangements.
According to the President, the funds will be raised through Eurobonds, loan syndications, or bridge financing facilities, or a combination thereof, depending on prevailing market conditions.
