President Bola Ahmed Tinubu has asked the House of Representatives to approve plans to raise $2.347 billion from the international capital market to finance the 2025 budget deficit and refinance maturing Eurobonds.

He also requested approval for a $500 million debut sovereign Sukuk to support critical infrastructure projects.

In his letter to the House, Tinubu said the borrowing would help Nigeria avoid default on existing debts, expand access to foreign funding, and sustain key development projects under the 2025 Appropriation Act.