The House of Representatives on Wednesday approved President Bola Tinubu’s request to secure a total of $2.347bn from the international capital market to part-finance the 2025 budget deficit and refinance maturing Eurobonds.

The approval followed the consideration and adoption of a report presented by the House Committee on Aids, Loans, and Debt Management, chaired by Hon. Abubakar Hassan Nalaraba, during plenary presided over by Speaker Tajudeen Abbas.

Since assuming office in May 2023, President Bola Tinubu’s administration has secured substantial external financing to support government programmes and fiscal operations.

Between May 2023 and May 2025, Nigeria obtained approximately $7.2bn in external loans from the World Bank, aimed at bolstering key economic reforms and development initiatives.

In addition, the government received approval for a $1 billion facility from the African Development Bank, expected to be disbursed between 2024 and 2025.

Further strengthening its external financing portfolio, the House of Representatives in October 2025 approved a new borrowing plan, including $1.23bn to part-finance the 2025 budget and a $500m debut Sovereign Sukuk to be issued in the international capital market.

These financing initiatives form part of the administration’s broader strategy to bridge budget deficits, refinance maturing debts, and stimulate economic growth through targeted investments.

According to the committee’s report, “The new borrowing plan comprises $1.23bn to fund the 2025 budget deficit and $1.12bn to refinance Nigeria’s Eurobond maturing in November 2025.”

The Deputy Speaker, Benjamin Kalu, who presided over the Committee on Supply where the report was considered, put the request before the House at plenary.

“The Committee on Supply considered the request of Mr President and made these recommendations. Do we accept these recommendations,” he asked, to which members replied in the affirmative.

Adopting the recommendations of the committee, the House authorised the Federal Government to “Implement the external borrowing component of the 2025 Appropriation Act amounting to ₦1.84tn (approximately $1.23bn) at the budget exchange rate of ₦1,500 to $1.”

Lawmakers also approved for the government to access the loans through Eurobond issuance, loan syndication, bridge financing facilities, or direct borrowing from international financial institutions.

In addition, the House endorsed President Tinubu’s proposal to issue Nigeria’s first-ever Sovereign Sukuk bond of up to $500m in the international capital market, with or without a credit guarantee.

Recall that President Tinubu, in his earlier correspondence to the National Assembly, explained that the borrowing plan was necessary to bridge the gap between projected revenue and expenditure in the 2025 fiscal year and to enable the government to meet its debt obligations as they fall due.