President Bola Ahmed Tinubu has written to the House of Representatives, seeking approval for the Federal Government to raise $2.34 billion in external capital to finance part of the 2025 budget deficit and refinance maturing Eurobonds.
In a letter dated September 22, 2025, and read by Speaker Abbas Tajudeen, the President said the request was in line with the Debt Management Office Act, 2003.
Tinubu explained that the funds would be used to implement new external borrowing of $1.23 billion in the 2025 budget, refinance a $1.12 billion Eurobond due in November 2025, and issue a $500 million Sovereign Sukuk in the international capital market.
He said the borrowing would be raised through Eurobonds, loan syndications, bridge financing, or direct loans from international financial institutions, depending on market conditions.
Tinubu noted that refinancing the Eurobonds aligns with global best practices and that proceeds from the Sukuk would help repay high-cost debts and fund key infrastructure projects.
