President Bola Ahmed Tinubu has officially requested the approval of the House of Representatives to raise $2.347 billion from the international capital market. The proposed funds are intended to finance part of the 2025 budget deficit and refinance Nigeria's Eurobonds maturing in November 2025. Additionally, the President is seeking authorization for a debut $500 million sovereign Sukuk issuance to boost critical infrastructure development.

The request, presented during plenary by House Speaker Abbas Tajudeen, is backed by Sections 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act of 2003. According to Tinubu, the move aligns with the borrowing provisions outlined in the 2025 Appropriation Act, which earmarks N9.28 trillion in new borrowing to bridge the fiscal deficit, including N1.84 trillion in external loans.

President Tinubu emphasized that part of the external borrowing would be dedicated to refinancing Nigeria's $1.118 billion Eurobond, issued in 2018 and due in November 2025. He stated that this refinancing was necessary to avoid default and to maintain international credibility in debt capital markets. He also noted that funding options would include Eurobonds, bridge financing, loan syndication, or direct borrowing from global financial institutions.

The President explained that Nigeria's participation in the global capital market positions it to secure favorable terms. He stressed that the final terms of the loan would be determined by prevailing international market conditions at the time of issuance. The Ministry of Finance and the Debt Management Office will collaborate with transaction advisers to secure optimal financing.

On the proposed sovereign Sukuk, Tinubu highlighted that the instrument would be modeled after Nigeria's domestic Sukuk issuances, which have successfully raised over N1.39 trillion since 2017 for infrastructure projects. The international Sukuk, he said, would help diversify Nigeria's investor base and deepen the country's securities market.

If approved, the combined borrowing plan aims to strengthen fiscal stability, meet maturing obligations, and provide resources for Nigeria's infrastructure needs. However, the request also raises debates on debt sustainability, as the country continues to rely heavily on external loans to finance budget shortfalls.

Source:

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