N’Assembly approves Tinubu’s $2.35bn foreign loan request

National Assembly Approves $2.347bn Loans to Address 2025 Budget Deficit. The National Assembly on Wednesday approved President Bola Tinubu's request to secure $2.347bn in foreign loans to part-finance the 2025 budget deficit and refinance Nigeria's maturing Eurobonds. The approval, granted separately by the Senate and the House of Representatives, also included authorisation for the issuance of a $500m debut Sovereign Sukuk in the international capital market. The House authorised the Federal Government to implement the external borrowing component of the 2025 Appropriation Act amounting to about N1.84tn (approximately $1.23bn at an exchange rate of N1,500 to $1). The Senate’s approval comes amid growing public concern over Nigeria’s rising debt profile, which the Debt Management Office recently put at over N97tn as of mid-2025.