Abuja, Oct. 8, 2025 – President Bola Tinubu has written to the Senate for the approval of new $2.3 billion loan.
The letter was read on Wednesday during plenary by Senate President Godswill Akpabio.
The president said the loan was required to implement the 2025 Appropriation Act, refinance maturing Eurobonds and expand the country’s debt instruments to include Islamic finance products.
He said a key element of the plan is the refinancing of Nigeria’s $1.118 billion Eurobond issued in 2018 at a coupon rate of 7.625% and due in November 2025.
“This is a standard practice in debt capital markets,” the President wrote. “Refinancing through Eurobonds or syndicated loans will guarantee debt sustainability and boost investor confidence.”
The president said the 2025 fiscal framework anticipated $9.27 billion in new borrowings to address the budget deficit of which $1.84 billion is being earmarked for external sources at an assumed exchange rate of N1,500 to the dollar,
He said the loan would be sourced through various instruments, including Eurobonds, syndicated loans, bridge financing, or direct loans from multilateral institutions in order to optimise cost and manage risk effectively.
