By Gloria Ikibah
The House of Representatives has approved the sum of ₦1.84 trillion (equivalent to $1.23 billion), a request by President Bola Tinubu to implement a new external borrowing plan amounting, as part of the 2025 Appropriation Act to help finance the national budget deficit.
President Bola Tinubu’s request to implement a new external borrowing plan amounting
The approval was sequel to the consideration and adoption of the report of the House Committee on Aids, Loans and Debts Management, chaired by Hon. Abubakar Hassan Nalaraba, on Wednesday during plenary. 
According to the committee’s recommendations, the House gave the green light for the federal government to raise the new external loan to part-finance the ₦9.27 trillion deficit contained in the 2025 budget.
Additionally, lawmakers approved the government’s plan to refinance a maturing Eurobond worth $1.12 billion (7.625% USD1.118bn due November 2025), to ease repayment pressure and stabilize Nigeria’s external debt profile.
The resolution also authorized the administration to access a total of $2.35 billion through various international financing options, including Eurobond issuance, loan syndications, bridge finance facilities, or direct borrowing from reputable international financial institutions.
In a bid to diversify Nigeria’s debt instruments and attract Islamic investors, the House further approved the issuance of a debut stand-alone Sovereign Sukuk of up to $500 million in the international capital market, with or without credit enhancement.
The borrowing plan forms part of President Tinubu’s fiscal strategy to strengthen foreign reserves, stabilize the naira, and fund critical infrastructure projects amid rising debt obligations.
