Tinubu Seeks $2.3bn External Loan to Fund 2025 Budget and Refinance Eurobonds

Tinubu Seeks $2.3bn External Loan to Fund 2025 Budget and Refinance Eurob

President Bola Ahmed Tinubu has asked the House of Representatives to approve $2.347 billion in external borrowing to address Nigeria’s 2025 budget deficit and refinance maturing Eurobonds.

The request, conveyed in a letter read by Speaker Abbas Tajudeen during Tuesday’s plenary, includes:

$1.2 billion in new external loans to fund the 2025 Appropriation Act.

$1.1 billion to refinance existing Eurobond obligations.

Tinubu noted that while the government has successfully raised ₦1.39 trillion through Sukuk bonds domestically (from 2017 to May 2025), more external resources are needed to bridge infrastructure funding gaps and diversify investor sources.

He proposed sourcing the loans via Eurobond issuance and bridge financing mechanisms to strengthen Nigeria’s fiscal capacity and sustain infrastructure investments.