Despite Record Debt, House of Reps Approves Tinubu’s $2.35 Billion Loan Request

Nigeria’s House of Representatives has granted approval to President Bola Tinubu’s request to borrow $2.35 billion from external sources to finance a portion of the 2025 budget deficit, a decision made despite the nation’s soaring debt profile.

Dependable NG reports that the lower legislative chamber, during its plenary session on Wednesday, also gave its consent to the President’s plan to issue a $500 million debut sovereign sukuk in the international capital market (ICM). This financial instrument is intended to fund crucial infrastructure projects across the country and diversify Nigeria’s sources of financing. The House gave its formal approval after considering and adopting the comprehensive report submitted by its Committee on Aid, Loans and Debt Management.

This move comes amidst widespread concern over the nation’s increasing debt burden. Nigeria’s total public debt stood at a massive N149.39 trillion as of the first quarter of 2025, which represents a significant rise from the N121.7 trillion recorded in the preceding year. The Speaker of the House of Representatives, Tajudeen Abbass, had previously stated in September 2025 that Nigeria’s debt profile had crossed a “dangerous threshold.” However, the Presidency has consistently maintained that the country, under the leadership of President Tinubu, is practicing prudent borrowing rather than being over-leveraged.