Stephen Ukandu, Umuahia
Barely two months after declaring that Nigeria had met its 2025 revenue target, President Bola Ahmed Tinubu has written to the Senate seeking approval to secure $2.35 billion in external loans.
According to the President, the new borrowings are intended to part-finance the 2025 budget deficit, refinance Nigeria’s maturing Eurobonds, and raise an additional $500 million through a Sovereign Sukuk to fund critical infrastructure projects.
Tinubu’s request was contained in a letter read on the floor of the Senate on Tuesday by the Senate President, Godswill Akpabio.
The President explained that the move forms part of the government’s fiscal strategy to bridge funding gaps, meet debt obligations, and attract new investors to Nigeria’s capital markets.
He disclosed that the $2.35 billion package includes new external loans totaling ₦1.843 trillion (about $1.229 billion at ₦1,500/$) to finance the 2025 Appropriation Act, and $1.118 billion to refinance Eurobonds issued in 2018, which will mature in November 2025.
Meanwhile, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko (APC, Sokoto North), with a directive to review the proposal and report back within one week.
