The House of Representatives has endorsed President Bola Tinubu’s proposal to secure a ₦1.84 trillion loan, a $500 million Sovereign Sukuk, and to refinance existing Eurobonds as part of the federal government’s 2025 borrowing strategy.
The decision came after the adoption of a report presented by the House Committee on Aids, Loans, and Debt Management during Tuesday’s plenary in Abuja. The committee backed the request, noting that the borrowing is essential for sustaining key national projects and ensuring fiscal stability.
According to the committee’s findings, the ₦1.84 trillion loan will be channelled toward major infrastructure, energy, and social development initiatives nationwide. The $500 million Sukuk is earmarked for road and transportation projects critical to economic growth.
Lawmakers also supported the plan to refinance Eurobonds, which they said would ease Nigeria’s external debt servicing burden by replacing existing loans with facilities under more favorable terms.
Chairman of the committee, Hon. Ahmed Dayyabu Safana, emphasized that every loan agreement would be subjected to strict parliamentary oversight to guarantee accountability and compliance with repayment conditions.
He assured citizens that the approved borrowing would remain within sustainable debt limits, adding that the funds are targeted at projects expected to generate measurable returns for the economy.After deliberations, the House unanimously approved the loan requests and called on the federal government to ensure efficient deployment of the funds to boost infrastructure, create jobs, and drive national development.
