President Bola Ahmed Tinubu has written to the House of Representatives seeking its approval to raise a total of $2.347 billion from the international capital market to fund part of the 2025 budget deficit and refinance Nigeria’s maturing Eurobonds.
The Independent Mirror reports that the request was contained in letter read by the Speaker of the House, Abbas Tajudeen during plenary on Tuesday.
He also sought approval for issuance of a $500 million debut sovereign Sukuk to support critical infrastructure development.
Tinubu said the request was made pursuant to Sections 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act, 2003.
Tinubu explained that the request was necessary to give effect to the borrowing provisions in the 2025 Appropriation Act, refinance the $1.118 billion Eurobond maturing in November 2025, and expand Nigeria’s access to diversified external funding sources.
The President stated that the 2025 budget provided for N9.28 trillion in new borrowings to bridge the fiscal deficit, out of which N1.84 trillion (equivalent to $1.229 billion) was earmarked as new external borrowing.