Tinubu Seeks NASS Approval for $2.3bn Loan, $500m Sovereign Sukuk

By Diafa Doubra,

President Bola Tinubu has requested the National Assembly’s approval to secure fresh external loans totaling $2.3 billion, alongside the issuance of a $500 million sovereign sukuk bond. The request, submitted to both chambers of the National Assembly on Tuesday, forms part of the administration’s 2025 borrowing plan aimed at financing key infrastructure and economic development projects.

According to the President’s letter, the loans will be sourced from multilateral financial institutions, including the World Bank and the African Development Bank (AfDB). The funds are expected to support critical sectors such as power, transportation, education, and healthcare — areas Tinubu’s government has identified as essential for driving inclusive growth.

While the proposal has drawn mixed reactions from lawmakers and economic analysts, the Presidency insists the borrowing is necessary to bridge Nigeria’s widening budget deficit and sustain ongoing reforms. Supporters of the plan argue that the loans could help boost economic recovery, but critics warn that Nigeria’s rising debt profile may worsen the country’s fiscal challenges if not properly managed.

The National Assembly is expected to deliberate on the request in the coming days before granting final approval.