The House of Representatives on Wednesday gave the green light to President Bola Tinubu’s request to raise a total of $2.347 billion from the international capital market, aiming to partly finance the 2025 budget deficit and refinance maturing Eurobonds.
The approval came after the House Committee on Aids, Loans, and Debt Management, led by Hon. Abubakar Hassan Nalaraba, presented its report, which was subsequently considered and adopted during plenary chaired by Speaker Tajudeen Abbas.
Since taking office in May 2023, President Tinubu’s administration has secured significant external financing to support government programmes and fiscal operations.
From May 2023 to May 2025, Nigeria obtained around $7.2 billion in external loans from the World Bank, intended to support critical economic reforms and development projects.
The government also secured approval for a $1 billion facility from the African Development Bank, slated for disbursement between 2024 and 2025.
In October 2025, the House further strengthened the country’s external financing portfolio by approving a new borrowing plan, which included $1.23 billion to partly fund the 2025 budget and a $500 million debut Sovereign Sukuk to be issued in the international capital market.
“The new borrowing plan comprises $1.23bn to fund the 2025 budget deficit and $1.12bn to refinance Nigeria’s Eurobond maturing in November 2025,” the committee’s report stated.
Deputy Speaker Benjamin Kalu, who presided over the Committee on Supply where the request was reviewed, presented it to the House during plenary.
“The Committee on Supply considered the request of Mr President and made these recommendations. Do we accept these recommendations,” he asked, prompting members to unanimously approve the proposal.
Following the committee’s recommendations, the House authorised the Federal Government to “Implement the external borrowing component of the 2025 Appropriation Act amounting to ₦1.84tn (approximately $1.23bn) at the budget exchange rate of ₦1,500 to $1.”
Lawmakers also approved accessing the loans via Eurobond issuance, loan syndication, bridge financing facilities, or direct borrowing from international financial institutions.
Additionally, they endorsed President Tinubu’s plan to issue Nigeria’s first-ever Sovereign Sukuk bond of up to $500 million in the international market, with or without a credit guarantee.
In earlier correspondence to the National Assembly, President Tinubu had stressed that the borrowing plan was critical to bridging the gap between projected revenue and expenditure for the 2025 fiscal year and to ensure the government meets its debt obligations as they fall due.
