Tinubu Set To Borrow Another $2.3bn via Eurobond, Presidency Explains Decision

• The federal government of Nigeria is preparing for Eurobond issuance by the end of the year
• President Tinubu’s administration wants to use the funds generated to tackle pressing financial needs
• Engagement has started with the authorities on the structure of the offer, which will further push up Nigeria's public debt level

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian government plans to issue Eurobonds worth about $2.25 billion later this year, according to Sanyade Okoli, Special Adviser to the President on Finance and the Economy.

A Eurobond is a debt security issued by a government to investors, who lend money to the issuer in exchange for periodic interest payments made in a foreign currency.

Nigeria Eurobond plan

Speaking on Wednesday, October 15 at an investors’ forum on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings in Washington D.C., Okoli said the funds raised will be used to refinance maturing debt and strengthen external reserves.

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He stressed that the planned Eurobond issuance is part of the government’s refinancing drive.

Okoli said:

“We plan to issue Eurobonds of up to about $2.3 billion, which will also help refinance the $1.18 billion Eurobond maturing in November.”

She added that the session with investors was aimed at strengthening engagement:

“Before we go to market.

“For the 2025 fiscal year, our domestic borrowing programme is almost complete, with all securities fully subscribed. We’re grateful for investors’ confidence in the Nigerian story."

“Looking ahead, we expect to approach the international capital market later this year subject to market conditions and transaction adviser guidance.”

Okoli also assured that the federal government will continue to engage investors to ensure that the debt structure works well for both sides in terms of pricing and liability management.

Nigeria Eurobond debt

On October 7, President Bola Tinubu asked the National Assembly to approve a plan to borrow $2.35 billion in external capital to finance part of the 2025 budget deficit and refinance Nigeria’s maturing Eurobonds, Cable reports.

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Earlier, in November 2024, Wale Edun, Minister of Finance, disclosed that Nigeria expected to raise about $1.7 billion from a Eurobond offer and $500 million from a Sukuk issuance to strengthen public finances and support economic reforms.

In December 2024, the Debt Management Office (DMO) confirmed that Nigeria raised $2.2 billion from its Eurobond auction.

As of June 2025, the DMO revealed that Nigeria’s total Eurobond debt stood at $17.31 billion, representing 36.8% of the total external debt of $46.98 billion.

Each Nigerian now owes N662,565

Earlier, Legit.ng reported that due to borrowing by the Nigerian government, citizens now owe a debt share of about N662,600, nearly doubling the per-capita burden from 2023.

Nigeria's total public debt has surged to N152.39 trillion as of June 2025, a rise from N87.4 trillion in June 2023, around the time President Bola Tinubu assumed office.

Economists have provided insight into the long-term fiscal risks and why the Nigerian government must exercise caution.

Source: Legit.ng