The National Assembly has approved President Bola Tinubu’s request to raise a total of $2.347 billion from the international capital market to partly finance Nigeria’s 2025 budget deficit and refinance maturing Eurobonds.

Also approved was the President’s proposal to issue a $500 million debut sovereign sukuk in the international capital market (ICM) to fund key infrastructure projects and diversify the country’s financing sources.

The approvals followed the adoption of reports from the Senate and House Committees on Aids, Loans, and Debt Management.

At the House of Representatives, the report was presented by Hon. Abubakar Hassan Nalaraba, Chairman of the Committee on Aids, Loans, and Debt Management, during plenary presided over by Speaker Tajudeen Abbas.

The chamber endorsed the implementation of a new external borrowing of ₦1.84 trillion (approximately $1.23 billion) at an exchange rate of ₦1,500 per dollar, as captured in the 2025 Appropriation Act, to partly fund the ₦9.27 trillion budget deficit.

President Tinubu had earlier written to the National Assembly seeking approval for the borrowing in line with Sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003, which mandate legislative consent for all new external loans and refinancing plans.

According to the President, the funds will be raised through one or a combination of Eurobonds, loan syndications, or bridge financing facilities, depending on prevailing market conditions and Nigeria’s financial needs.