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From Ndubuisi Orji, Abuja
President Bola Tinubu has sought the approval of the House of Representatives to take fresh foreign loans totalling $2,347,465,000, for part-financing of the deficit in the 2025 Appropriation Act.
The breakdown, according to the letter, is $1,229,113,000 new external borrowing, at the exchange rate of USD 1 to N1500 and $1,118,352,000 for refinancing of Eurobonds due to mature on November 21, 2025.
Also, President Tinubu is seeking for the permission of the House to issue a stand-alone “debut Sovereign Sukuk” of up to $500 million in the International Capital Market (ICM).
The President’s requests were contained in letters addressed to the Speaker, Tajudeen Abbas, which were read by the latter, at Tuesday’s plenary. He explained that the fresh external borrowing could be sourced in the ICM through either the issuance of Eurobonds, loan syndications, bridge finance facility from bookrunners and direct borrowing from International Financial Institutions.
