Nigerian Government to Borrow $2.3 Billion via Eurobond Issuance for Debt Refinancing

The Nigerian government, led by President Bola Tinubu, is set to borrow $2.3 billion through a Eurobond issuance to refinance maturing debt and bolster external reserves. The decision was explained by the Presidency's special adviser on finance, Sanyad Okoli, during an investor forum in Washington D.C.

The move is part of the government's refinancing strategy to manage its debt obligations and enhance financial stability. Nigeria recently raised $2.2 billion through a Eurobond auction, with its total external debt standing at $46.98 billion.

This borrowing comes amidst concerns over Nigeria's rising public debt, which nearly doubled to N152.39 trillion by June 2025.