President Bola Ahmed Tinubu has written to the Senate requesting approval for a new external loan of $2.3 billion to support the 2025 budget. The letter, which also outlines a plan to issue a $500 million sovereign Sukuk, was read today on the floor of the Senate by Senate President Sen. Akpabio.
The proposed external loan is part of the government’s broader financing strategy to fund critical infrastructure, social programs, and other budget priorities for the year. The sovereign Sukuk is aimed at tapping into alternative funding sources while promoting Islamic finance instruments in Nigeria’s capital markets.
Senators are expected to deliberate on the requests in accordance with constitutional procedures before granting approval, ensuring that the proposed borrowings align with national fiscal policy and debt sustainability.
The move underscores the administration’s efforts to mobilise additional resources for budget implementation while maintaining a balance between domestic and external financing.
