Reps approve Tinubu’s ₦1.84 trn external borrowing plan to fund 2025 budget
The House of Representatives has approved President Bola Ahmed Tinubu’s request to implement a new external borrowing plan totaling ₦1.84 trillion (approximately $1.23 billion) under the 2025 Appropriation Act, aimed at bridging the national budget deficit.
The approval came on Wednesday following the consideration and adoption of a report by the House Committee on Aids, Loans and Debt Management, chaired by Hon. Abubakar Hassan Nalaraba.
According to the committee’s report, the facility will help finance part of the ₦9.27 trillion budget deficit outlined in the 2025 fiscal plan.
In addition, the House endorsed the refinancing of Nigeria’s maturing Eurobond valued at $1.12 billion (7.625% USD1.118bn due November 2025) — a move intended to ease repayment pressure and stabilize the nation’s external debt profile.
Lawmakers further approved the federal government’s plan to access $2.35 billion through various international financing instruments such as Eurobond issuances, syndicated loans, bridge facilities, and other external funding arrangements from reputable global institutions.
To broaden Nigeria’s debt portfolio and attract Islamic-compliant investors, the House also cleared the issuance of a $500 million debut stand-alone Sovereign Sukuk in the international capital market, with or without credit enhancement.
The new borrowing framework, the resolution noted, forms part of President Tinubu’s fiscal consolidation agenda — designed to boost foreign reserves, support naira stability, and finance critical infrastructure projects while maintaining debt sustainability.
