Tinubu seeks NASS approval for $2.3bn borrowing, $500m sovereign Sukuk
President Bola Tinubu has asked the House of Representatives to approve plans to raise $2.347 billion from the international capital market to partly finance the 2025 budget deficit, refinance maturing Eurobonds, and issue Nigeria’s first-ever Sovereign Sukuk.
In a letter dated September 22, 2025, addressed to Speaker Tajudeen Abbas, Tinubu said the request was in line with Sections 21(1) and 27(1) of the Debt Management Office Act, 2003.
The proposal covers three areas: $1.229 billion for the 2025 budget deficit, refinancing of a $1.118 billion Eurobond due November 21, 2025, and a debut $500 million Sovereign Sukuk issuance with possible credit enhancement from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Tinubu explained that the financing would come through Eurobonds, syndicated loans, bridge finance, or direct borrowing from multilateral institutions.
“The pricing of the new Eurobonds will depend on market conditions at the time of issuance,” he wrote, adding that Nigeria remains a “regular and credible participant” in global markets.
On the Sukuk, he said it would build on the ₦1.39 trillion already raised through domestic Sukuk since 2017 for road and infrastructure projects.
Proceeds will partly refinance costly debts and support fresh infrastructure development.
He urged lawmakers to expedite approval, assuring them of his administration’s commitment to “prudent debt management and sustainable development financing.”
