Nigeria's president asks parliament to approve $2.3b in new loans

Nigerian President Bola Tinubu has asked parliament to approve $2.3 billion in new loans and authorised the issuance of a $500 million debut sovereign sukuk on international debt markets, according to a letter read out to lawmakers on Tuesday.

Finance Minister and Coordinating Minister for Economy, Wale Edun, told an economic summit in Abuja on Monday that the government was focusing on green bonds, sukuk and diaspora bonds, which are priced cheaper than Eurobonds.

Last month Nigeria's debt office chief told Reuters, that the country could sell as much as $2.3 billion of international bonds before year-end, depending on market conditions.

Nigeria launched its first international bond sale in nearly three years in December, but it has not tapped international capital markets in 2025.