Senate okays President Tinubu’s $2.3bn loan, $500m Sukuk requests

The Senate on Wednesday approved President Bola Tinubu’s request for $2.347 billion in new external loans, including a $500 million debut Sovereign Sukuk, to part-finance the 2025 budget deficit and refinance maturing Eurobonds.
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‎The approval followed a report by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko (APC, Sokoto North), who said the borrowing is vital for economic stability, project continuity, and Nigeria’s global credit standing.

Breakdown:$2.347bn – From international capital markets for budget deficit.
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‎$500m Sukuk – For key infrastructure projects.
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‎The move comes despite public concern over Nigeria’s ₦97 trillion+ debt (DMO, mid-2025). Officials insist strategic borrowing is essential for growth and fiscal health.President Tinubu first sought approval on October 8.
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‎The loans align with the 2025 Appropriation Act.
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