By The National Assembly has approved President Bola Ahmed Tinubu’s request to secure $2.85 billion in foreign loans from international debt markets a move that includes Nigeria’s first-ever sovereign sukuk issuance.
The approval, granted during Wednesday’s plenary in Abuja, follows the President’s earlier request to lawmakers seeking authorization for fresh external borrowing and the issuance of a $500 million debut sukuk.
According to the Presidency, the new funding package is designed to part-finance Nigeria’s 2025 budget deficit-and refinance maturing Eurobonds expected in November. The government noted that the borrowing could be raised through the Eurobond market, loan syndication, bridge financing, or direct arrangements with international banks.
Lawmakers said the measure aims to strengthen Nigeria’s fiscal stability and maintain market confidence amid rising debt service costs and tightening global financial conditions.
This marks the first time Nigeria will float a sovereign sukuk in the international market a Sharia-compliant financial instrument that broadens the country’s investor base and aligns with global Islamic finance standards.
Economic analysts believe the new sukuk could enhance Nigeria’s credit visibility and attract ethical investors from the Middle East and Asia while supporting the government’s infrastructure and fiscal financing goals.
Nigeria sukuk, Tinubu foreign borrowing, Nigerian parliament loan approval, Nigeria Eurobond refinancing, $2.85 billion loan Nigeria, sovereign sukuk Nigeria, Bola Ahmed Tinubu, National Assembly, Nigeria debt plan, Nigerian economy, fiscal policy, Pulse Wire News, Abuja
