Nigeria, Oct. 7 -- President Bola Ahmed Tinubu has written to the House of Representatives seeking approval to raise $2.347 billion from the international capital market to fund part of the 2025 budget deficit and refinance Nigeria's maturing Eurobonds.

He also requested approval to issue a $500 million debut sovereign Sukuk aimed at supporting critical infrastructure development.

The President said the request was made under Sections 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act, 2003, and is intended to give effect to the borrowing provisions in the 2025 Appropriation Act.

According to Tinubu, the funds will help refinance the $1.118 billion Eurobond maturing in November 2025 and expand Nigeria's access to d...