The House of Representatives has approved President Bola Tinubu’s request to borrow $2.35 billion to help finance part of Nigeria’s 2025 budget deficit.
The lawmakers, during Wednesday’s plenary, also endorsed the President’s proposal to issue a $500 million debut sovereign sukuk in the international capital market to fund key infrastructure projects and diversify the country’s sources of financing.
The approvals followed the consideration and adoption of the report of the House Committee on Aids, Loans, and Debt Management, which reviewed the borrowing plan and recommended its implementation.
According to the report, a new external borrowing of ₦1.84 trillion (equivalent to $1.229 billion) at a budget exchange rate of ₦1,500 to a dollar, as contained in the 2025 Appropriation Act, will be deployed to partially fund the ₦9.28 trillion budget deficit.
