Nigeria’s National Assembly on Wednesday approved an additional 1.15 trillion naira ($784 million) in domestic borrowing to help fund a shortfall in the 2025 budget.
President Bola Tinubu sought the approval two weeks ago, citing a gap between the 12.95 trillion naira deficit proposed by the executive and the 14.10 trillion naira passed by lawmakers.
Nigeria’s 2025 budget stands at 59.99 trillion naira, with the deficit to be financed through a mix of external and domestic borrowing.
Last week, the country raised $2.35 billion via Eurobond issuance, which drew $10.65 billion in bids. Finance Minister Wale Edun said the strong demand reflected confidence in Nigeria’s reform plans and commitment to sustainable growth.
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