Nigeria: Reps Approve Tinubu's $2.3bn External Borrowing Plan to Finance 2025 Budget Deficit

AllAfricaCenterEN 3 min read 100% complete by By Sharon EboesomiOctober 29, 2025 at 04:36 PM

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On October 7, President Bola Tinubu requested approval from Nigeria's House of Representatives to secure $2.3 billion in external funding for the 2025 budget deficit, refinance maturing debts, and issue a debut sovereign Sukuk. The House approved this request on Wednesday following a report by the House Committee on Aids, Loans, and Debt Management chaired by Abubakar Nalaraba. The committee recommended borrowing $1.23 billion to finance the budget deficit, refinancing $1.12 billion in Eurobonds, and issuing up to $500 million in Sukuk. Despite procedural objections raised for more scrutiny time, the House dissolved into the Committee of Supply for immediate consideration and approval.

Key Topics & Entities

Abubakar Nalaraba 50% Eurobonds ×260% House of Representatives ×380% Nigeria ×490% Bola Tinubu ×2100%

Keywords

external borrowing 90% $2.3bn 85% budget deficit 85% refinance eurobonds 80% sukuk issuance 75% nigeria's economy 70% house of representatives 65% credit standing 60% international capital market 55% legislative approval 50%

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Positive

Score: 0.20

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AllAfrica

Political Lean

Center (0.00)

Far LeftCenterFar Right

Classification Confidence

90%

Geographic Perspective

Nigeria

This article was automatically classified using rule-based analysis. The political bias score ranges from -1 (far left) to +1 (far right).

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external borrowing $2.3bn budget deficit refinance eurobonds sukuk issuance nigeria's economy house of representatives credit standing international capital market legislative approval

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