Tinubu Seeks Approval For $2.35B External Loan, $500M Sovereign Sukuk
President Bola Ahmed Tinubu has formally written to the House of Representatives seeking
permission to raise $2.347 billion from the international capital market. The funds are intended
to partly finance the 2025 budget deficit and refinance maturing Eurobonds. Concurrently, he
also requested approval to issue a $500 million sovereign sukuk, which would be Nigeria’s first
such issuance in international Islamic finance markets.
At plenary, Speaker Abbas Tajudeen read the President’s letter, which cited Sections 21(1) and
27(1) of the Debt Management Office (Establishment, Etc.) Act, 2003, as legal backing for the
request.
Tinubu explained that the 2025 budget provides for N9.28 trillion in new borrowings, of which
N1.84 trillion is earmarked for external borrowing (equivalent to about $1.229 billion). He noted
that the combined new borrowings and refinancing needs amount to $2.347 billion, made up of
$1.229 billion for new borrowing plus $1.118 billion to refinance a Eurobond maturing in
November 2025.
He proposed that the borrowing be executed through various mechanisms: issuing Eurobonds,
bridge financing, loan syndication, or direct borrowing from international financial institutions,
depending on prevailing market conditions.
Regarding the sukuk, Tinubu said it would complement the current domestic sukuk program
(which has raised over N1.39 trillion since 2017), diversify Nigeria’s investor base, and deepen
the sovereign securities market. He also indicated that the sukuk could be issued with or without
a credit enhancement from a body like the Islamic Corporation for the Insurance of Investment
and Export Credit (ICIEC).
The request comes as Nigeria aims to avoid default on its maturing Eurobond and is seeking
more favorable terms for debt restructuring.
By Oyinkansola Shittu.
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