Deputy Spokesperson of the House of Representatives, Hon. Philip Agbese, has assured Nigerians that there is no cause for concern over the National Assembly’s approval of President Bola Ahmed Tinubu’s fresh $2.347 billion external borrowing request.
Speaking with journalists in Abuja on Monday, Agbese said President Tinubu has demonstrated the fiscal discipline and competence needed to deploy such funds productively and transparently.
The Benue-born lawmaker described the President as a “meticulous economic planner” whose policies are gradually restoring stability and investor confidence in the Nigerian economy.
Both chambers of the National Assembly, last Wednesday, approved the President’s request to raise $2.347 billion from the international capital market to part-finance the 2025 budget deficit and refinance maturing Eurobonds.
According to the report presented by the Chairman, House Committee on Aids, Loans and Debt Management, Hon. Abubakar Hassan Nalaraba (APC–Nasarawa), the loan is structured as follows: $1.23 billion to support the 2025 budget deficit, and $1.12 billion to refinance Nigeria’s Eurobond maturing in November 2025.
The borrowing will be sourced through Eurobond issuance, loan syndication, bridge financing, or direct borrowing from multilateral partners.
The lawmakers also approved Nigeria’s first-ever international Sovereign Sukuk issuance of up to $500 million, aimed at attracting Islamic-compliant investors.
While acknowledging public concerns over the country’s rising debt profile, Agbese maintained that the Tinubu administration has outlined clear frameworks for the prudent utilisation and repayment of loans.
“President Bola Ahmed Tinubu is not just an ordinary politician; he is a tested economic strategist. His record as Lagos State Governor remains a model of how strategic planning and fiscal discipline can transform a region into an economic powerhouse,” Agbese stated.
He explained that the President’s Renewed Hope Agenda is designed to stimulate job creation, expand critical infrastructure, and sustain economic reforms.
According to him, recent signs of economic stabilisation — including improved investor sentiment and exchange rate management — are results of deliberate policy measures, not chance.
Agbese also commended the National Assembly for maintaining strict oversight to ensure that all approved loans are tied to measurable development outcomes.
“With President Tinubu at the helm, there is no cause for fear. His track record of transforming Lagos into Africa’s fifth-largest economy speaks volumes,” he said.
He urged Nigerians to remain patient, stressing that the administration’s tough but necessary decisions are laying the foundation for a more competitive, industrialised, and self-reliant economy.
“The Renewed Hope Agenda is about building for the future. Every loan will be utilised for its intended purpose. This is the kind of leadership our nation has long desired — and one we must all rally behind,” Agbese added.
