Nigeria: Lawmakers approve president Tinubu’s request to borrow $2.35 billion
By Zuleihat Owuiye, Mamos Nigeria
The Nigerian House of Representatives has approved President Bola Tinubu’s request to borrow $2.35 billion to finance part of the 2025 budget deficit. The loan will be raised via euro bonds, syndications, or bridge financing, with expected yields of 6.8–9.3%. The funds will support sectors like transport, power, agriculture, and health.
Additionally, the lawmakers approved issuing a $500 million sovereign sukuk (Islamic bond) to fund infrastructure and diversify funding sources. 25%of the sukuk proceeds may repay high-cost debts, while the rest will boost projects.
