Nigeria's House of Representatives Approves $2.35bn Loan and $500m Sukuk for Infrastructure Funding

The Nigerian House of Representatives has approved President Bola Tinubu's request for a $2.35 billion external loan and a $500 million sovereign Sukuk to fund key infrastructure projects nationwide. The loan and Sukuk issuance aim to address the N9.27 trillion deficit in the 2025 budget, with the Sukuk targeting road construction and transport infrastructure projects.

The move is part of Nigeria's debt management strategy to attract capital and diversify its investor base, aligning with the medium-term debt management strategy for 2024-2027.