- Nigeria’s House of Representatives has approved President Bola Tinubu’s request to borrow $2.35 billion to help cover the 2025 budget deficit.
- Lawmakers also approved the issuance of $500 million in sovereign sukuk to fund infrastructure projects and expand financing sources.
- The approval comes as Nigeria’s total debt rises to £149.39 trillion at the start of 2025.
- While House Speaker Tajuddin Abbas warned that the country’s debt levels were becoming dangerous, the president insisted that Nigeria remained within sustainable borrowing limits.
The House of Representatives has approved President Bola Tinubu’s request to borrow $2.35 billion to help finance part of Nigeria’s 2025 budget deficit amid growing concerns over Nigeria’s rising debt.
Lawmakers also approved the president’s issuance of $500 million in sovereign sukuk in international capital markets to fund critical infrastructure projects and diversify the country’s financing options.
The approval came after the AIDS, Loans and Debt Management Committee presented a report at a plenary meeting on Wednesday.
The development comes as Nigeria’s total debt reached £149.39 trillion in the first quarter of 2025, up from £121.7 trillion the previous year.
Earlier, House Speaker Tajuddin Abbas warned that Nigeria’s debt situation had crossed a “dangerous threshold”. The president, however, maintained that under President Tinubu the country remains within sustainable borrowing limits.
