Amid complaints over unresolved economic challenges, President Bola Tinubu has written to the National Assembly requesting approval for a $2.34 billion external loan to finance the funding gap in the 2025 budget and support critical infrastructure projects across the country.
The proposal seeks to raise $1.2 billion in new external loans and an additional $1.1 billion to refinance a maturing Eurobond.
In a letter addressed to the house and by Speaker Hon. Abbas Tajudeen during Tuesday’s plenary session, Tinubu explained that the funds would be sourced through various financing methods, including Eurobond issuance, bridge financing from book runners, loan syndications, and direct borrowing from international lenders.
The president described the move as part of a broader effort to keep Nigeria’s debt sustainable while continuing to invest in infrastructure and other key sectors that support economic growth. He said refinancing the Eurobond would help manage the country’s debt obligations and ease repayment pressure in 2025.
He also highlighted the government’s achievements with Sukuk bond issuances, noting that between September 2017 and May 2025, the Debt Management Office (DMO) raised ₦1.39 trillion from the domestic capital market to fund major road and bridge projects nationwide.
Tinubu emphasized that responsible borrowing remains an important tool for closing Nigeria’s infrastructure gap, creating jobs, and attracting private investment.
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