The House of Representatives has approved President Bola Tinubu’s request to borrow $2.35 billion to finance part of the 2025 budget deficit.
At its plenary session on Wednesday, the green chamber also gave the president the nod to issue a $500 million debut sovereign sukuk in the international capital market to fund key infrastructure projects and diversify Nigeria’s financing sources.
The approval followed the adoption of a report presented by the House Committee on Aids, Loans, and Debt Management, which recommended the borrowing plan as part of the federal government’s 2025 fiscal strategy.
