President Bola Ahmed Tinubu has formally requested the House of Representatives to approve $2.347 billion in external borrowing and an additional ₦500 million sovereign Sukuk issuance to finance key infrastructure and development projects.
The request, contained in a letter read by Speaker Tajudeen Abbas during October 7th Tuesday’s plenary, explained that the borrowing plan forms part of the 2025–2027 Medium Term Expenditure Framework. Tinubu said the loans are targeted at priority projects in power, agriculture, healthcare, transport, and education sectors.
According to the President, the funds will help stimulate economic growth, create jobs, and address pressing developmental needs, while the Sukuk issuance would boost road infrastructure financing.
Lawmakers are expected to debate the request in the coming days. While pro-government voices argue the borrowing is necessary for bridging Nigeria’s infrastructural deficit, critics have warned against piling up debt in light of the country’s rising debt service costs.
