Abuja, Nigeria – The House of Representatives has approved President Bola Tinubu’s request to borrow $2.35 billion to help finance part of the 2025 budget deficit, amid growing concerns over Nigeria’s rising debt profile.

The lower chamber also approved Tinubu’s plan to issue a $500 million sovereign sukuk in the international capital market (ICM), aimed at funding infrastructure projects and diversifying the country’s financing sources.

The approval followed consideration of the committee on aid, loans, and debt management report.

Nigeria’s total debt reached ₦149.39 trillion in the first quarter of 2025, up sharply from ₦121.7 trillion the previous year. In September 2025, House Speaker Tajudeen Abbass warned that the nation’s debt profile had crossed a dangerous threshold.

Despite these concerns, the presidency has maintained that Nigeria’s borrowing under President Tinubu remains under control.

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