President Bola Ahmed Tinubu is seeking approval from the House of Representatives to borrow $2.35 billion in external capital to finance part of thec2026 budget deficit and refinance Nigeria’s maturing Eurobands.

Tinubu’s request was contained in a letter addressed to the Speaker of the House, Tajudeen Abbas, and read on the floor of the Green Chambers on Tuesday.

The President also wants a Parliament to approve his plan to issue a $500 million debut sovereign sukuk in the International Capital Market , ICM, to fund infrastructure projects and diversify Nigeria’s sources of financing.

According to the letter, the external borrowing is backed by provisions of Section 21, 1 and 27, 1 of the Debt Management Office, Established Act, 2003, which require legislative approval for new loans and refinancing arrangements.

-9News Nigeria.