The House of Representatives has approved President Bola Tinubu’s request to secure a $2.35 billion loan to help finance the 2025 budget deficit, despite growing concerns over Nigeria’s rising debt profile.
The House also granted approval for the issuance of a $500 million sovereign sukuk on the international capital market to support infrastructure development and broaden the country’s funding sources.
The lawmakers reached the decision after reviewing the report of the Committee on Aids, Loans, and Debt Management.
This development comes amid heightened debate regarding Nigeria’s escalating debt burden.
As of the first quarter of 2025, the nation’s total debt stood at ₦149.39 trillion, up from ₦121.7 trillion in the corresponding period of the previous year.
In September 2025, Speaker of the House, Tajudeen Abbas, warned that Nigeria’s debt levels had reached a critical point.
However, the Presidency has maintained that the current administration is borrowing responsibly.
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