President Bola Ahmed Tinubu has formally requested the approval of the House of Representatives to implement new external borrowing plans and refinance Nigeria’s maturing Eurobonds. In a letter dated September 22, 2025, addressed to Speaker Tajudeen Abbas, the President seeks legislative resolution to raise $2.347 billion from international markets as part of the 2025 Appropriation Act. According to the document obtained by Mediaplusng.com, the funds will be used to part-finance the 2025 budget deficit and refinance a $1.118 billion Eurobond maturing in November 2025.
President Tinubu also requests approval to issue a debut Sovereign Sukuk worth $500 million in the international capital market. He explains that the Sukuk will attract global investors and help fund critical infrastructure projects across Nigeria. Between 2017 and 2025, Nigeria has successfully raised over ₦1.39 trillion through domestic Sukuk bonds, which were used to finance major road projects. The President notes that this new issuance aims to expand funding sources and deepen Nigeria’s financial market. Mediaplusng.com reports that the government intends to partner with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to secure credit enhancement for the Sukuk.
In his letter, President Tinubu assures lawmakers that the Federal Ministry of Finance and the Debt Management Office (DMO) will work with international advisers to obtain the best market rates. He emphasizes that these financial strategies are vital to maintaining Nigeria’s fiscal stability and ensuring timely debt servicing. As reported by Mediaplusng.com, the President calls on the National Assembly to approve the proposal urgently to sustain confidence in Nigeria’s international financial commitments and support key development projects nationwide.
