President Bola Tinubu has written to the Senate seeking approval for a fresh N1.15 trillion borrowing from the domestic debt market to finance the deficit in the 2025 budget.
This comes as the Senate yesterday, resolved to conduct a full-scale investigation into the railway projects executed under former President Muhammadu Buhari, following persistent derailments, vandalism, and mechanical failures on the Itakpe–Warri standard gauge rail line.
Also yesterday, the naira defied sentiments around United States President, Donald Trump’s threat against Nigeria over alleged widespread killings of Christians and rising religious intolerance in the country, as it appreciated at the Nigerian Foreign Exchange Market (NFEM) to close at N1,433.65 per dollar, stronger than the N1,436.34 it closed on Monday, reflecting renewed stability and improved sentiment across the foreign exchange market.
Nigeria also plans to sell $2.3 billion in Eurobonds as early as this week, testing investor appetite for the country’s sovereign debt, Bloomberg reported.
The planned issuance would include 10-year debt and possibly 15- or 30-year securities, pending final approval from the Ministry of Justice.
