President Tinubu has asked the House of Representatives to approve $2.35bn in external borrowing and a $500m sovereign Sukuk to support the 2025 budget and refinance maturing Eurobonds.
President Bola Ahmed Tinubu has asked the House of Representatives to approve the government’s plan to raise $2.347 billion from the international capital market to fund part of the 2025 budget deficit and refinance maturing Eurobonds.
He also sought approval for a debut $500 million Sovereign Sukuk to finance key infrastructure projects.
In a letter read by Speaker Abbas Tajudeen on Tuesday, Tinubu said the request was in line with the Debt Management Office Act and the 2025 Appropriation Act.
“The House of Representatives is kindly invited to issue its resolution allowing the government to raise the amount through issuance of Eurobonds, bridge finance facility, loan syndication, or direct borrowing from international financial institutions,” the President wrote.
Tinubu said the $1.118 billion Eurobond issued in 2018 will mature in November 2025 and must be refinanced to “avoid default” and sustain market confidence.