Reported by: Oahimire Omone Precious | Edited by: Henry Owen
Abuja, 09/10/2025 – President Bola Ahmed Tinubu has formally written to the Senate, requesting approval to raise $2.35 billion in external loans to partly finance the 2025 budget deficit, refinance Nigeria’s maturing Eurobonds, and issue a $500 million sovereign Sukuk to fund critical infrastructure projects.
According to the President, the $2.35 billion borrowing package comprises new external loans of ₦1.843 trillion (approximately $1.229 billion at ₦1,500/$) to support the 2025 Appropriation Act, alongside $1.118 billion earmarked for refinancing Eurobonds issued in 2018, which are due for maturity in November 2025.
Following the submission, Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko (APC, Sokoto North). The panel has been directed to review the proposal and report its findings within one week.
The move underscores the administration’s commitment to securing financing for national development while managing the country’s debt obligations prudently.
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