Market News
Nigeria’s Tinubu seeks 1.15 trillion naira extra borrowing to fund budget shortfall
by Camillus Eboh
ABUJA, Nov 5 (Reuters) – Nigerian President Bola Tinubu has asked parliament to approve an additional 1.15 trillion naira ($783.5 million) in domestic borrowing to help plug a shortfall in the 2025 national budget, according to a letter sent to lawmakers on Tuesday.
In the letter, Tinubu said the request followed lawmakers’ decision to increase the budget by 5.25 trillion naira ($3.6 billion), which widened the fiscal deficit beyond an earlier approved borrowing plan.
Nigeria launched the sale of $2.25 billion of Eurobonds on Wednesday, a sale that includes a dual tranche of 10 and 20 years at 9.125% and 9.625%, bookrunner Chapel Hill Denham said.
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Nigeria, Africa’s most populous country, continues to grapple with rising debt and sluggish revenue growth amid efforts to stimulate investment and curb inflation.
($1 = 1,467.8100 naira)
