President Bola Ahmed Tinubu has written to the National Assembly seeking approval for a $2.3 billion external loan to refinance existing Eurobond obligations and support the financing of the 2025 budget deficit.
The proposed loan, according to the president’s communication, is part of the administration’s strategy to reduce debt servicing costs by replacing high-interest Eurobonds with concessional financing from multilateral and bilateral lenders.
Tinubu emphasized that the loan would be used to “strengthen fiscal sustainability, stimulate growth, and finance key infrastructure projects,” urging lawmakers to expedite approval in line with the government’s 2025–2027 borrowing plan.