President Bola Tinubu yesterday formally wrote to the House of Representatives requesting a legislative resolution to authorise Nigeria’s entry into the international capital market to raise an aggregate of $2.847 billion.
The letter by the President came the same day the Nigerian National Petroleum Company Limited (NNPC) formally responded to all 19 questions raised by the Senate Committee on Public Accounts concerning the alleged unaccounted N210 trillion discovered in its audited financial statements covering 2017 to 2023.
The request by Tinubu, dated 22nd September 2025, which was addressed to the Speaker of the House, Rt. Hon. Tajudeen Abbas was submitted under the authority of Sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003.
Tinubu outlined four key components within the request which included: the implementation of new external borrowing totalling N1,843,669,786,987.16 which equivalent to $1,229,113,000.00 at the 2025 budget exchange rate of N1,500/$1 as provided for in the 2025 Appropriation Act;
…The refinancing of maturing Eurobonds worth $1,118,352,000.00 issued at 7.625 percent interest, maturing on November 21, 2025; permission to raise the combined $2.347 billion through a mix of Eurobonds, loan syndications, bridge finance facilities, or direct borrowing from international financial institutions; and the issuance of a debut Sovereign Sukuk worth up to $500 million in the international capital market, with or without credit guarantees.
