President Bola Ahmed Tinubu has sought the approval of the House of Representatives to secure $2.3 billion in external capital for the 2025 fiscal year.
The request, contained in a letter read on the floor by Speaker Tajudeen Abbas on Tuesday, includes $1.2 billion in new borrowing and $1.1 billion for refinancing a maturing Eurobond.
According to the president, the funds will be raised through Eurobond issuances, bridge financing from book runners, loan syndications, and direct borrowing from international financial institutions. Tinubu stated that the borrowing aligns with government efforts to sustain debt stability while maintaining investments in critical infrastructure and productive sectors.
He noted that the refinancing of the maturing Eurobond aims to manage repayment obligations and mitigate debt pressures in 2025.
“The Federal Government has recorded considerable success in the issuance of Sukuk in the domestic capital market for the development of critical infrastructural projects across the country,” Tinubu wrote.
He highlighted that between September 2017 and May 2025, the Debt Management Office raised N1.39 trillion through Sukuk bonds, funding road and bridge projects nationwide.
The president stressed that borrowing remains a fiscal tool to bridge infrastructure deficits, stimulate job creation, and attract private investment.
In July, the Senate approved the 2025–2026 external borrowing plan of $21.5 billion, also submitted by the president. The approval included a separate bond issuance of N757 billion to settle accrued pension arrears under the Contributory Pension Scheme as of December 2023.
As of March 31, 2025, Nigeria’s total public debt stood at N149.39 trillion, reflecting a year-on-year increase of 22.8 percent from N121.67 trillion in March 2024, according to the Debt Management Office.
