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JUST IN: Tinubu Seeks $2.35bn External Loan, $500m Sovereign Sukuk to Fund 2025 Budget

President Bola Ahmed Tinubu has written to the House of Representatives, seeking approval to raise $2.347 billion from the international capital market.
The funds, according to him, will help finance part of Nigeria’s 2025 budget deficit and refinance maturing Eurobonds.
In the same letter, Tinubu requested lawmakers’ approval for the issuance of a $500 million debut Sovereign Sukuk to support critical infrastructure projects across the country.
The request was read on Tuesday by Speaker Abbas Tajudeen during plenary at the National Assembly.
Tinubu said his proposal was in line with Sections 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act, 2003.
He explained that the move was vital to implement the borrowing provisions in the 2025 Appropriation Act and refinance Nigeria’s $1.118 billion Eurobond, which is due to mature in November 2025.
The President disclosed that the 2025 budget earmarked N9.28 trillion in new borrowings to cover the fiscal deficit, with N1.84 trillion (about $1.229 billion) set aside for new external loans.
According to Tinubu, the government will consider several borrowing options, including Eurobond issuance, bridge finance facilities, loan syndication, and direct borrowing from international financial institutions.
He assured lawmakers that all funds raised would be used to part-finance the budget deficit and refinance existing debt to prevent default.
The President stressed that such refinancing is standard global practice to manage debt sustainability and investor confidence.
Tinubu also noted that the total external capital to be raised $1.229 billion for new borrowing and $1.118 billion for refinancing brings the total to $2.347 billion.
He emphasized that Nigeria’s primary plan is to issue Eurobonds, leveraging its reputation as a regular participant in the global debt market.
However, he said final terms and conditions would depend on prevailing market conditions when the transactions are executed.
The President added that the Federal Ministry of Finance and the Debt Management Office (DMO) will work with financial advisers to ensure the best borrowing terms for the country.
In a related request, Tinubu sought the House’s approval to issue a stand-alone debut Sovereign Sukuk worth up to $500 million in the international capital market.
He said the Sukuk would follow the model of Nigeria’s successful domestic Sukuk programme, which has raised over ₦1.39 trillion since 2017 for road construction and other infrastructure projects.
Tinubu noted that the new international Sukuk would diversify Nigeria’s investor base, expand funding sources, and strengthen the sovereign securities market.
The National Assembly is expected to deliberate on the President’s loan and Sukuk requests in the coming days.
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JUST IN: 44 Federal Lawmakers Ask Tinubu to Order Nnamdi Kanu’s Release
Forty-four serving federal lawmakers have formally written to President Bola Ahmed Tinubu, urging him to use his constitutional powers to release detained IPOB leader Nnamdi Kanu.
The lawmakers, drawn from both northern and southern Nigeria, submitted a two-page letter and resolution under the banner of “Concerned Federal Lawmakers.”
They asked the President to activate a political solution by directing the Attorney-General of the Federation (AGF) to discontinue Kanu’s prosecution and convene a national dialogue involving key stakeholders.
The lawmakers argued that only a political process can address the long-running tensions surrounding Kanu’s case and help restore peace in the South-East.
They also referenced past negotiations between the Federal Government and other armed or agitating groups, insisting that Kanu’s case should not be treated differently.
The letter, signed by 44 members of the House of Representatives, includes lawmakers such as Ikenga Imo Ugochinyere, Obi Aguocha, Murphy Osaro, Peter Akpanke, Mudshiru Lukman, Paul Nnamechi, Sunday Cyriacus, Obed Shehu, Dominic Ifeanyi, Ugwu Emmanuel, Daniel Ago, Chike Okafor, Adam Ogene, Emeka Chinedu, Chimaobi Sam, Alex Mascot Ikwechegh, Donatus Matthew, Ibe Osonwa, Okey-Joe Onuakalusi, Thaddeus Atta, Udema Okonkwo, Cyril Godwin, Chinwe Nnabuike, Kana Nkemkama, Peter Aniekwe, Gwachem Maureen, Onwunka, Anayo Onwuegbu, Nwobosi Joseph, Amobi Godwin, Blessing Amadi, Anthony Adepoju, Joshua Gana, Chris Nkwonta, Emeka Idu, Peter Uzokwe, Matthew Nwogu, Tochukwu Okere, Benedict Etanabene, Godwin Offiono, Ngozi Okolie, and Nnamdi Ezechi.
The lawmakers stressed that several domestic court rulings and international tribunal decisions have favoured Kanu, and that public support for his release has grown significantly over the past years.
Their letter reads in part:
“Driven by the urgent need for national reconciliation and healing — and having noted the Federal Government’s open negotiations with militants and agitating groups in different parts of Nigeria — we respectfully request that Your Excellency directs the Attorney-General of the Federation to discontinue the prosecution of Mazi Nnamdi Kanu as soon as practicable.”
They also urged President Tinubu to initiate a constructive political dialogue following the discontinuance of the case.
The lawmakers expressed confidence that the move would reduce insecurity in the South-East and promote national stability.
They concluded by thanking the President for considering their request and pledged continued respect for the office of the President.
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BREAKING: Wike-led PDP faction expels Makinde, Bode George, others
The Peoples Democratic Party (PDP) is facing a severe crisis, with a faction loyal to Minister Nyesom Wike expelling several high-ranking members, including Governors Seyi Makinde, Bala Mohammed, and Dauda Lawal, as well as former Chairman of the Board of Trustees Senator Adolphus Wabara and recently elected National Chairman Kabiru Turaki.
This move follows the controversial PDP national convention in Ibadan, where Wike and his loyalists were expelled from the party.
The expelled members are accused of anti-party activities, disobedience to court orders, and conduct bringing the party into disrepute.
The factional National Executive Committee also dissolved state executive councils in Oyo, Bauchi, Zamfara, Yobe, Lagos, and Ekiti States, directing caretaker committees and fresh congresses.
This crisis has sparked concerns about the party’s future, with some analysts describing it as “heading to Golgotha”.
The PDP’s internal conflicts have led to defections, weakened its opposition stance, and raised questions about its viability in future elections.
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Wike-led faction takes over PDP national secretariat
The Peoples Democratic Party faction loyal to FCT minister Nyesom Wike has taken over the party’s national secretariat, Wadata Plaza, Abuja.
The takeover of the party’s secretariat was reportedly ahead of a parallel meeting scheduled for the same venue by the faction that held its national convention in Ibadan over the weekend.
Samuel Anyanwu, National Secretary of the pro-Wike faction, arrived at the secretariat with some members of his group.
Shortly after, members of the Taminu Turaki-led faction also arrived but were blocked from entering.
Reports indicate that two governors from the Turaki faction forced their way into the building.
Security operatives responded by firing gunshots and releasing teargas to disperse remaining members, triggering panic and confusion as attendees scrambled for safety.
While speaking to newsmen before the arrival of the Turaki faction, Anyanwu described the security presence as routine, aimed at maintaining order during Board of Trustees (BoT) and National Executive Committee (NEC) meetings. He confirmed that his faction was prepared to hold the meetings as scheduled
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