President Bola Ahmed Tinubu has written to the House of Representatives, seeking approval to raise an aggregate of $2.847 billion from the international capital market.
In the letter dated September 22, 2025, and addressed to the Speaker, Rt. Hon. Tajudeen Abbas, the President requested a legislative resolution authorising Nigeria’s participation in the global borrowing initiative. The move, he said, aligns with provisions of Sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003.
According to the document, the request comprises four key components:
- Implementation of a new external borrowing totalling N1.84 trillion (about $1.23 billion) as captured in the 2025 Appropriation Act.
- Refinancing of maturing Eurobonds valued at $1.12 billion, originally issued at 7.625% and due on November 21, 2025.
- Authorisation to raise the combined sum through a mix of Eurobonds, syndicated loans, bridge finance facilities, or direct borrowing from international financial institutions.
- Issuance of a $500 million debut Sovereign Sukuk in the international capital market, with or without credit guarantees.
The development coincided with the Nigerian National Petroleum Company Limited (NNPC) submitting detailed responses to all 19 queries raised by the Senate Committee on Public Accounts concerning an alleged unaccounted N210 trillion in its audited statements from 2017 to 2023.
If approved, the borrowing plan is expected to bolster Nigeria’s fiscal capacity, refinance existing debt obligations, and diversify its funding sources amid ongoing economic reforms.
