Tinubu Seeks $2.34bn External Borrowing Approval for Budget Support

President Bola Tinubu has requested the House of Representatives' approval for the Federal Government to secure a $2.34 billion external borrowing plan. The fund is intended to cover part of the 2025 budget deficit and refinance maturing Eurobonds.

The request includes seeking approval for a $500 million debut sovereign Sukuk issuance in the international capital market. The borrowing will consist of a mix of Eurobond issuance, loan syndication, bridge financing, and direct borrowing from international financial institutions.

This move aligns with the government's strategy to bolster financial support. Speaker Abba Tajudeen read the President's request on the House floor.

The borrowing is in accordance with the Debt Management Office Establishment Act of 2003.