Nigeria's House of Representatives Approves $2.35B Loan Request for 2025 Budget

The House of Representatives in Nigeria has approved President Bola Tinubu's request to borrow $2.35 billion to help finance a portion of the 2025 budget deficit. The loan will be used to diversify Nigeria's financial sources and support infrastructure projects.

The funds will be raised through various instruments, including the issuance of Eurobonds and Sukuk bonds. Additionally, discussions are ongoing with China's Export-Import Bank for a $2 billion loan to finance a new super grid to address the country's power shortage.

Nigeria's public debt has increased significantly, reaching N27.72 trillion by March 31, 2025, compared to N21.67 trillion in the same period in 2024.