Tinubu seeks NASS’ approval for $2.3bn external borrowing, $500m sovereign Sukuk
President Bola Tinubu has requested the approval of the House of Representatives for new external borrowing and debt refinancing totalling $2.3 billion. The request comes with another for the issuance of a $500 million debut sovereign Sukuk in the international capital market. Contained in a letter read on the floor of the House by Speaker Tajudeen Abbas, the request seeks the National Assembly’s resolution in line with Sections 21(1) and 27(1) of the Debt Management Office, DMO, Establishment Act, 2003. According to the president, the new borrowing is aimed at implementing provisions of the 2025 Appropriation Act, refinancing maturing Eurobonds and diversifying Nigeria’s funding sources through Islamic finance instruments. He explained that the 2025 budget provides for $9.27 billion in total new borrowings to finance the year’s fiscal deficit, out of which $1.84 billion (N1.23 trillion at an exchange rate of N1,500/$) was earmarked for external loans. Tinubu urged the lawmakers t...