President Bola Tinubu has asked the House of Representatives to approve Nigeria’s plan to raise a total of $2.847 billion from the international capital market to fund key projects, refinance maturing debts, and issue the country’s first sovereign Sukuk bond.
In a letter dated September 22, 2025, and addressed to Speaker Tajudeen Abbas, the President sought legislative approval to:
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Implement new external borrowings worth $1.23 billion under the 2025 budget,
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Refinance $1.118 billion Eurobonds maturing on November 21, 2025,
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Raise funds through Eurobonds, syndicated loans, or direct borrowing,
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And issue a $500 million international Sukuk to finance infrastructure.
Tinubu noted that the borrowings were part of the N1.84 trillion external component of Nigeria’s 2025 budget deficit financing plan, authorized under the Debt Management Office Act 2003.
He explained that refinancing the maturing Eurobond was crucial to avoid default and align Nigeria’s debt strategy with global best practices.
“The Ministry of Finance and the Debt Management Office will engage advisers to secure the most favourable terms,” the President assured lawmakers.
According to data provided by the Presidency, yields on Nigeria’s existing Eurobonds range from 6.84% to 9.28%, depending on maturity, while the new bond terms will depend on market conditions.
Tinubu also disclosed that the $500 million international Sukuk may be issued with or without credit enhancement from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a subsidiary of the Islamic Development Bank.
If guaranteed, 25% of proceeds would go to repay high-interest debt, while 75% would fund major infrastructure projects.
NNPC Responds to Senate on N210tn Audit Query
Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) has submitted responses to all 19 audit queries raised by the Senate Committee on Public Accounts over alleged discrepancies amounting to N210 trillion in its financial statements from 2017 to 2023.
Committee Chairman, Senator Aliyu Wadada, confirmed receipt of the company’s detailed responses, noting that the panel would review them before taking a final position.
He clarified that the probe was not an allegation of theft, but a constitutional oversight process following the Auditor-General’s report that flagged N103 trillion in liabilities and N107 trillion in unreconciled assets.
AfDB, World Bank Back Nigeria’s Economic Reforms
In a related development, the African Development Bank (AfDB) is preparing to approve a $500 million loan to Nigeria before the end of 2025 to support President Tinubu’s ongoing macroeconomic reforms.
AfDB Executive Director, Bode Oyetunde, said the facility forms part of a $1 billion budget support package aimed at strengthening fiscal and power sector reforms.
At the same time, the World Bank has raised its Sub-Saharan Africa growth forecast to 3.8% for 2025, citing economic stability in countries like Nigeria, Ethiopia, and Ivory Coast.
The Bank said easing inflation, currency recovery, and policy reforms are fuelling renewed private investment and consumer confidence across the continent.
However, it warned that rising debt levels and weak job creation could slow recovery if governments fail to sustain reforms.
