- Nigeria’s House of Representatives has approved President Bola Tinubu’s request to borrow $2.35 billion to help finance the 2025 budget deficit.
- Lawmakers also approved the issuance of a $500 million sovereign sukuk to fund infrastructure projects and expand financing sources.
- The approval comes as Nigeria’s total debt rose to ₦149.39 trillion in early 2025.
- While House Speaker Tajudeen Abbas warned that the country’s debt level is becoming dangerous, the presidency insists that Nigeria is still within a sustainable borrowing range.
The House of Representatives has approved President Bola Tinubu’s request to borrow $2.35 billion to help finance part of Nigeria’s 2025 budget deficit amid growing concerns about the nation’s rising debt.
Lawmakers also granted approval for the president to issue a $500 million sovereign sukuk in the international capital market to fund key infrastructure projects and diversify the country’s financing options.
The approval followed the presentation of a report by the Committee on Aids, Loans and Debt Management during Wednesday’s plenary session.
This development comes as Nigeria’s total debt reached ₦149.39 trillion in the first quarter of 2025, up from ₦121.7 trillion the previous year.
Earlier, House Speaker Tajudeen Abbas warned that Nigeria’s debt profile had crossed a “dangerous threshold.” However, the presidency has maintained that the country remains within a sustainable borrowing limit under President Tinubu’s administration.
