Tinubu Seeks House Approval for $2.8bn Foreign Loans for Nigeria

President Bola Tinubu has requested the House of Representatives' approval for Nigeria to secure $2.8 billion in foreign loans for budget support, Eurobond refinancing, and Sukuk issuance. The request aims to raise funds from the international capital market to support Nigeria's budget and economic growth.

Tinubu outlined the key components of the request, including new external borrowing, refinancing of maturing Eurobonds, and permission to raise Sukuk. This move comes amidst the Nigerian National Petroleum Company Limited's response to queries regarding alleged unaccounted funds in audited financial statements.

The request underscores the government's efforts to secure financial support for national development initiatives.