US EditionNigeria: Reps Approve Tinubu's $2.3bn External Borrowing Plan to Finance 2025 Budget Deficit
The approved $2.35 billion borrowing includes $1.23 billion to cover Nigeria's 2025 budget deficit and $1.12 billion to refinance maturing Eurobonds, with a debut Islamic bond planned.
- On Wednesday, the House of Representatives approved President Bola Tinubu's request to raise over $2.3 billion from external sources after a report laid on Tuesday by Abubakar Nalaraba.
- President Bola Tinubu had written on 7 October seeking parliamentary approval for external funding, debt refinancing, and a Sukuk issuance, conveyed in a 22 September letter read by Speaker Abbas Tajudeen.
- The committee recommended access to $2.35 billion, comprising $1.23 billion in new borrowing and $1.12 billion for Eurobond refinancing, via Eurobonds, loan syndications, bridge‑finance facilities, or international financial institutions.
- During deliberations, Deputy Majority Leader Abdullahi Halims objected, prompting Speaker Abbas Tajudeen to say `On a subject that is not mutually agreed, I'm really not happy with your comments,' and Mr Halims withdrew his objection with debate moving to the Committee of Supply.
- The plan includes a debut Sovereign Sukuk of up to $500 million, which marks Nigeria's first Islamic sovereign bond, and refinancing of Eurobonds is urged to preserve Nigeria's credit standing.
23 Articles
23 Articles
N/Assembly Okays Tinubu’s Request To Borrow $2.35bn
The National Assembly has approved President Bola Tinubu’s request to borrow $2.35 billion to finance part of the 2025 budget deficit. Both the Senate and House of Representatives approved the loan request on Wednesday after considering the report of the committees on local and foreign debts. They also approved the president’s request to issue a $500 million debut sovereign sukuk in the international capital market (ICM) to fund infrastructure p…
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Each year, more of what Americans buy is made abroad, and more of what Americans earn comes from borrowing that replaces the income lost to trade. The system sustains itself not through productivity but through the continual creation of dollar assets. The post Breitbart Business Digest: The Wealth of Foreign Nations Depends on America’s Endless Budget Deficits appeared first on Breitbart.
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