President Bola Tinubu’s request to borrow $2.35 billion has been approved by Nigeria’s House of Representatives.
Tinubu said he wants to use the money to finance part of the 2025 budget deficit amid the country’s rising debt profile.
The green chamber on Wednesday, also granted Tinubu’s request to issue a $500 million debt sovereign sukuk in the international capital market (ICM) to fund infrastructure projects and diversify Nigeria’s financing sources.
The lower legislative chamber approved the president’s request after considering the report of the committee on aid, loans and debt management.
This comes amid concerns around Nigeria’s debt burden.
Nigeria’s total debt as of the first quarter of 2025 stood at N149.39 trillion, a sharp rise from the N121.7 trillion recorded the previous year.
The Speaker of the House of Representatives, Tajudeen Abbass, in September 2025, said that Nigeria’s debt profile had crossed a dangerous threshold.
However, the presidency had insisted that the country under President Tinubu’s leadership is under borrowing.
