Tinubu Seeks $2.3 Billion Foreign Loan To Fund 2025 Budget, Refinance Debt
By OBI DAVIES
PRESIDENT Bola Ahmed Tinubu has asked the House of Representatives to approve plans to raise $2.347 billion from the international capital market to finance the 2025 budget deficit and refinance maturing Eurobonds.
In a letter read by Speaker Tajudeen Abbas on Tuesday, Tinubu outlined that $1.23 billion would fund part of the 2025 deficit, while $1.12 billion would refinance existing debts. The proposal also includes issuing Nigeria’s first-ever Sovereign Sukuk of up to $500 million.
The President explained that the loan could be sourced through Eurobond issuance, loan syndication, bridge financing, or borrowing from international institutions under the Debt Management Office (DMO) Act.
Tinubu said the Sukuk would diversify Nigeria’s investor base, attract Islamic finance investors, and fund critical infrastructure. He noted that domestic Sukuk issuances had already raised ₦1.39 trillion since 2017 for major road projects.
The President urged lawmakers to authorise the borrowing plan to bridge revenue gaps and sustain fiscal stability as part of the 2025 Appropriation framework.
