The House of Representatives has approved a total of ₦1.84 trillion in new borrowings for the federal government, following the adoption of a report by the House Committee on Aids, Loans, and Debt Management, chaired by Hon. Abubakar Hassan Nalaraba, during plenary on Wednesday.
According to the committee’s recommendations, the loan will partly finance the ₦9.27 trillion budget deficit contained in the 2025 fiscal plan.
In addition, the House approved the refinancing of a maturing Eurobond valued at $1.12 billion (7.625% $1.118bn due November 2025) to reduce repayment pressure and stabilize Nigeria’s external debt position.
Lawmakers also approved the federal government's request to access $2.35 billion through multiple international financing options, including Eurobond issuance, loan syndications, bridge financing facilities, and other forms of external borrowing from reputable global financial institutions.
To diversify Nigeria’s debt instruments and attract Islamic-compliant investors, the House further approved the issuance of a $500 million debut stand-alone Sovereign Sukuk in the international capital market, with or without credit enhancement.
The new borrowing plan, according to the resolution, aligns with President Tinubu’s broader fiscal strategy to strengthen foreign reserves, stabilize the naira, and fund key infrastructure projects while managing the country’s rising debt obligations.
