House of Representatives approves Tinubu’s $2.35 billion loan request for 2025 budget

The House of Representatives has approved President Bola Tinubu’s request to borrow $2.35 billion to help finance part of the 2025 budget deficit.

In addition, the green chamber on Wednesday endorsed the President’s proposal to issue a $500 million debut sovereign sukuk in the international capital market (ICM) to support key infrastructure projects and diversify Nigeria’s financing sources.

The approvals followed the consideration and adoption of the report of the House Committee on Aids, Loans, and Debt Management, which reviewed the borrowing plan and recommended its implementation.

According to the report, the new external borrowing of N1,843,669,786,987.16 (equivalent to $1.229 billion) at the budget exchange rate of N1,500 to $1, as provided for in the 2025 Appropriation Act, will be used to part-finance the N9.28 trillion budget deficit.