Tinubu Seeks Fresh $2.35bn Foreign Loan, $500m Sovereign Sukuk To Fund 2025 Budget | Citizen NewsNG

President Bola Ahmed Tinubu has requested the approval of the House of Representatives to secure a total of $2.347 billion from the international capital market to partly finance Nigeria’s 2025 budget deficit and refinance the country’s maturing Eurobonds.

In a separate request, the President also sought legislative clearance to issue a $500 million debut sovereign Sukuk aimed at supporting key infrastructure projects across the country.

Both requests were contained in a letter read on the floor of the Green Chamber by Speaker Abbas Tajudeen during Tuesday’s plenary session.

Tinubu explained that the proposed borrowing was in line with Sections 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act, 2003, emphasizing that the new facilities were necessary to implement the borrowing provisions already captured in the 2025 Appropriation Act.

The President further disclosed that the 2025 budget made provision for ₦9.28 trillion in new borrowings, of which ₦1.84 trillion ($1.229 billion) was designated for external financing.

While the proposed loans are expected to provide fiscal breathing space and boost critical infrastructure development, economists have continued to express concern over Nigeria’s growing debt profile and its potential impact on future budgets.

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