The Senate has approved President Bola Tinubu’s request to obtain a total of $2.847 billion in fresh foreign financing to support the 2025 budget and refinance Nigeria’s maturing Eurobonds.
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The approval, granted on Wednesday, followed the presentation and consideration of a report by the Senate Committee on Local and Foreign Debts chaired by Senator Wamakko Magatarkada Aliyu (APC, Sokoto North), which reviewed the President’s request titled “New External Borrowing and Refinancing.”
The approval includes a $2.347 billion external borrowing from the international capital market to part-finance the 2025 budget deficit and a $500 million debut sovereign Sukuk to fund key infrastructural projects across the country.
The Senate’s decision came amid renewed debate over Nigeria’s rising debt profile, which stood at over ₦97 trillion as of mid-2025, according to data from the Debt Management Office (DMO). While critics have raised concerns about the growing debt levels and potential fiscal risks, government officials insist that strategic borrowing remains necessary to bridge infrastructure gaps and sustain economic growth.
Tinubu’s letter to the Senate, first read on October 8, sought legislative approval to secure the loans as part of efforts to sustain key national projects and manage the country’s debt obligations in line with the 2025 fiscal framework.
Presenting the report, Senator Wamakko emphasized that the borrowing was vital for Nigeria’s economic stability, project continuity, and the maintenance of the country’s credit reputation in the international financial system. He explained that the approval would enable the Federal Government to meet its 2025 funding needs without disrupting ongoing fiscal commitments.
Chairman of the Senate Committee on Finance, Senator Sani Musa (APC, Niger East), who also supported the request, described it as critical to the effective implementation of the 2025 Appropriation Bill, noting that the borrowing had already been incorporated into the fiscal projections.
“It is very necessary that we give approval to this request so that the 2025 appropriation will receive the required funding,” Musa said.
Similarly, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Adetokunbo Abiru (APC, Lagos East), clarified that the new borrowing would not add to Nigeria’s debt burden but was part of already approved budgetary provisions.
“This is more of a compliance issue because the 2025 Appropriation Act has already captured it as part of deficit financing. The second request is a refinancing arrangement to ensure that the country does not default in Eurobond servicing,” he explained.
Also contributing, Chairman of the Senate Committee on Interior, Senator Adams Oshiomhole (APC, Edo North), defended the borrowing plan, arguing that loans targeted at productive sectors could stimulate economic recovery and create employment.
“There’s nothing wrong with borrowing if it is properly structured and used to address critical issues like unemployment and infrastructural decay,” Oshiomhole said.
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