Lucky Obukohwo, Reporting
The House of Representatives has okayed President Bola Tinubu’s request for a total of $2.3billion fresh borrowing, as well as issuance of $500million sovereign Sukuk.
The House approved the new loans, consisting of $1,229,113,000.00 new external borrowing, at the exchange rate of USD 1 to N1500 and $1,118,352,000.00 for refinancing of Eurobonds due to mature on November 21, 2025, at Wednesday’s plenary.
The approval of the foreign loans, which according to President Tinubu, was geared towards part financing of the deficit in the 2025 Appropriation Act, followed the the consideration and adoption after the report of the House Committee on Loans, at the Committee of Supply, jointly chaired by the speaker, Tajudeen Abbas and deputy speaker, Benjamin Kalu.
Details later…