President Bola Tinubu has asked the House of Representatives to authorise Nigeria's entry into the international capital market to raise $2.847 billion for budget implementation and economic growth.
In a letter to Speaker Tajudeen Abbas, Tinubu said the external borrowing request aligns with the 2025 Appropriation Act, which earmarks N1.84 trillion ($1.23 billion) for foreign funding. The request also covers the refinancing of maturing Eurobonds worth $1.12 billion and the issuance of a $500 million Sovereign Sukuk to finance critical infrastructure.
The President explained that the move aims to sustain investor confidence, stimulate private-sector participation, and support fiscal stability. He emphasised that Nigeria's consistent presence in global markets positions it to secure favourable borrowing terms that would spur growth and unlock financing for SMEs and job-creating sectors.
Tinubu assured lawmakers that the Federal Ministry of Finance and the Debt Management Office would ensure transparency and competitiveness in securing the funds, noting that proceeds from the Sukuk bond would focus on infrastructure projects with high economic impact.
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Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) has responded to all 19 audit queries raised by the Senate Committee on Public Accounts regarding discrepancies in its 2017–2023 financial statements.
In a related development, the African Development Bank (AfDB) confirmed plans to lend Nigeria $500 million this year as part of a $1 billion budget-support programme, following reforms introduced by the Tinubu administration.
The World Bank also upgraded Sub-Saharan Africa's 2025 growth outlook to 3.8 percent, citing easing inflation and improved foreign-exchange stability in economies such as Nigeria and Ethiopia. The Bank urged African governments to focus on creating decent jobs and enabling environments for small and medium-sized enterprises to drive inclusive growth.
