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.
Plus234Feed summary based on reporting from NairaMetrics. Read the original report below.
Read full article
Continue on NairaMetrics
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Nigeria's House of Reps Approve $2.35bn Loan Request Amid Debt Concerns
Tinubu Seeks Senate Approval for ₦1.15 Trillion Domestic Borrowing to Bridge 2025 Budget Gap
Nigerian Senate Approves ₦1.15 Trillion Borrowing Request by Tinubu
Tinubu Seeks $2.3 Billion External Funding for 2025 Budget - Infrastructure Investment Strategy
Bola Tinubu Seeks ₦1.15 Trillion Loan for 2025 Budget Deficit
Nigerian Senate Approves N1.15 Trillion Domestic Loan for 2025 Budget Funding
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
