President Bola Tinubu has asked the National Assembly to approve a $2.3 billion external loan and a $500 million sovereign Sukuk to fund the 2025 budget and refinance Nigeria’s maturing Eurobonds. The request, read by Speaker Tajudeen Abbas, complies with the Debt Management Office Act and aims to expand Nigeria’s financing options through Islamic finance products. Tinubu said the 2025 fiscal plan includes $9.27 billion in new borrowings, with $1.84 billion from external sources at ₦1,500/$1. Funds will be raised through Eurobonds, syndicated loans, or multilateral institutions to reduce costs and manage risk. He explained that part of the loan would refinance the $1.118 billion Eurobond due in November 2025, calling it a routine debt management move to sustain investor confidence. The $500 million international Sukuk, Nigeria’s debut in global Islamic finance, is expected to bridge infrastructure gaps and attract new investors. The government is seeking a credit guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit to lower borrowing costs. Tinubu assured that the Finance Ministry and DMO would work with advisers to secure favourable terms amid global market volatility. The new borrowing plan comes as Nigeria battles rising inflation, currency pressure, and a large budget deficit, with experts saying the mix of conventional and Islamic financing could support growth while maintaining debt sustainability.