President Bola Tinubu has sought approval from the House of Representatives to borrow $2.35 billion in external capital to finance part of the 2025 budget deficit and refinance maturing Eurobonds.
The request was contained in a letter addressed to the Speaker of the House, Tajudeen Abbas, and read on the floor of the green chamber on Tuesday.
The President also requested that the parliament approved his plan to issue a $500 million debut sovereign sukuk in the International Capital Market (ICM) to fund infrastructure projects and diversify the nation’s sources of financing.
He added that the borrowing plan included $1.23 billion provided for in the 2025 Appropriation Act to part-finance the budget deficit, and another $1.12 billion to refinance a eurobond maturing on November 21.
According to the letter, the external borrowing was backed by provisions of Sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003, which required legislative approval for new loans and refinancing arrangements.
News edited by Favour Owonibi