The National Assembly (NASS) on Wednesday approved President Bola Tinubu’s request to secure a total of $2.347 billion from the international capital market to partly finance the 2025 budget deficit and refinance maturing Eurobonds.
Lawmakers also granted approval for the President’s request to issue a $500 million debut sovereign sukuk in the international capital market to fund critical infrastructure projects and diversify Nigeria’s financing sources.
The approval followed the consideration of a joint report by both chambers’ Committees on Aids, Loans, and Debt Management.
In the House of Representatives, the report was presented by Abubakar Hassan Nalaraba, Chairman of the Committee on Aids, Loans, and Debt Management, during plenary presided over by Speaker Tajudeen Abbas.
The chamber approved the implementation of a new external borrowing of N1.84 trillion (equivalent to $1.23 billion) at an exchange rate of ₦1,500 to $1, as provided in the 2025 Appropriation Act to part-finance the ₦9.28 trillion budget deficit.
President Tinubu, in his earlier request, cited Sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003, which mandate legislative approval for new borrowing and refinancing arrangements.
ALSO READ JUST IN: Reps approve Tinubu’s request to borrow $2.35bn, issue $500m sovereign Sukuk
He explained that the funds would be raised through one or a combination of instruments such as Eurobonds, loan syndications, or bridge financing facilities, depending on prevailing market conditions.
