The House of Representatives on Wednesday approved President Bola Tinubu’s request to borrow $2.35 billion and issue a $500 million sovereign sukuk to fund key infrastructure projects and finance part of the 2025 budget deficit.
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The approval followed the report of the House Committee on Aids, Loans and Debt Management, which endorsed Tinubu’s plan to raise funds from the international capital market in line with the 2025 Appropriation Act.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The borrowing plan includes $1.229 billion in new loans to bridge the N9.27 trillion budget deficit and $1.118 billion to refinance a Eurobond maturing in November 2025 — bringing the total to $2.347 billion.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Tinubu said the funds would be raised through Eurobonds, loan syndication, bridge financing, or direct borrowing from international financial institutions, depending on market conditions.
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He assured that the Finance Ministry and the Debt Management Office would work with advisers to secure favourable terms for the loans.
The lawmakers also approved Tinubu’s plan to issue Nigeria’s first-ever international sovereign sukuk worth $500 million to finance major infrastructure and attract Islamic investors.
The President said the sukuk, similar to domestic ones that have raised over ₦1.39 trillion since 2017, would diversify funding sources and deepen Nigeria’s bond market.
The approval, however, comes amid growing public concern over the country’s rising debt burden.
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