Nigerian House of Representatives Approves External Borrowing to Finance Budget Deficit

The Nigerian House of Representatives has approved President's request for a new external borrowing plan of 1.84 trillion naira to help finance the country's widening budget deficit. This decision follows a report from the House Committee on Aid, Loan, and Debt Management, chaired by Abubakar Hassan Nalaraba.

The borrowing will partly address the 9.27 trillion naira deficit contained in the 2025 fiscal framework. The approval includes refinancing a 1.12 billion eurobond due in November 2025 and accessing an additional 2.35 billion for various financial instruments.

The move aims to stabilize Nigeria's debt position and attract diverse investments.