President Bola Ahmed Tinubu has requested the approval of the House of Representatives to secure a total of $2.35 billion from the international capital market to help finance Nigeria’s 2025 budget deficit and refinance maturing Eurobond obligations.

In a letter read on the House floor by Speaker Abbas Tajudeen on Tuesday, Tinubu also sought legislative consent to issue a $500 million debut sovereign Sukuk, aimed at funding critical infrastructure projects across the country.

According to the President, the borrowing plan is anchored on Sections 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act, 2003, and aligns with the provisions of the 2025 Appropriation Act, which earmarked N9.28 trillion in new borrowings to finance the fiscal deficit.

Tinubu explained that the total external borrowing would comprise $1.229 billion in fresh funds for the budget deficit and $1.118 billion to refinance Eurobonds maturing in November 2025, bringing the combined figure to $2.347 billion.

He said the refinancing move was designed to “avoid default” and conforms with global best practices in sovereign debt management. The government, he added, intends to explore multiple funding options including Eurobond issuance, bridge financing, loan syndication, or direct borrowing from international financial institutions.

“The House of Representatives is kindly invited to issue its resolution allowing the government to raise the amount through any of the following options,” Tinubu wrote, adding that the final terms would depend on prevailing market conditions.

The President emphasized that Nigeria’s standing as a regular participant in the international debt market positions it to secure favorable terms. The Federal Ministry of Finance and the Debt Management Office (DMO), he said, would work with transaction advisers to negotiate the most beneficial arrangements.

In a related request, Tinubu sought approval for the issuance of a stand-alone $500 million Sovereign Sukuk in the international capital market. The debut international Sukuk, he noted, will mirror Nigeria’s domestic Sukuk program, which has raised over N1.39 trillion since 2017 for major road and infrastructure projects.

The proposed Sukuk, the President explained, is intended to diversify Nigeria’s investor base, open new funding sources, and deepen the sovereign securities market.

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This policy is part of the official guidelines for implementing the 2025 Appropriation Act. It aims to improve transparency, accountability, and traceability of public spending. By requiring GPS data, the government wants to ensure that projects are trackable and verifiable.

All MDAs are required to submit detailed monthly expenditure plans for the full year by July 31, 2025. These plans must be sent to both the Budget Office of the Federation and the Office of the Accountant-General of the Federation.

Projects that cost ₦150 million or more must include accurate GPS coordinates. The Director-General of the Budget Office must sign off on each plan to ensure alignment with national priorities.

The GPS requirement is part of a broader strategy to reduce duplicated, abandoned, or untraceable projects. It will support independent verification and enhance the effectiveness of Nigeria’s Bottom-Up Cash Management Strategy.

This new policy signals the government’s commitment to fiscal discipline, efficient project delivery, and accountable governance. At a time when public scrutiny of capital spending is growing, the use of GPS data adds an extra layer of confidence in how national resources are managed.

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The comprehensive loan package comprises $21.19 billion in direct foreign borrowing, €4 billion, ¥15 billion, and an additional $65 million in grants. Also included is a plan to raise approximately ₦757 billion through domestic bonds, along with provisions to secure up to $2 billion from a foreign-currency-denominated instrument issued locally.

The decision followed the presentation of a report by the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wamako. According to him, the request—originally submitted in late May—was delayed by a combination of legislative recess and documentation challenges from the Debt Management Office (DMO).

Senator Olamilekan Adeola, who heads the Appropriations Committee, confirmed that the loans had already been incorporated into the 2025 budget and the Medium-Term Expenditure Framework (MTEF).

“With this approval, we now have all financing streams—revenue and debt—aligned to fully implement the 2025 budget,” he said.

Senators in support of the plan defended it as consistent with global financing practices. Senator Sani Musa emphasized that the borrowing will be disbursed over a six-year period and is necessary for national growth.

“No modern economy develops without structured borrowing. This is part of responsible economic management,” Musa explained.

Backing the approval, Senator Adetokunbo Abiru, Chair of the Banking, Insurance, and Other Financial Institutions Committee, noted that the loans are mostly concessional with extended repayment periods of up to 35 years, compliant with the Fiscal Responsibility Act and Debt Management Act.

He added that the funds are earmarked for capital and human development projects, spanning infrastructure, power, agriculture, security, housing, and digital connectivity.

One standout project is the allocation of $3 billion for the rehabilitation of the Eastern Rail Corridor from Port Harcourt to Maiduguri. Senator Victor Umeh of Anambra Central praised the investment as a historic commitment to regional connectivity and development.

“This is the first time such significant funding is going to the eastern railway line. It’s a game-changer,” Umeh said.

Despite wide support, some lawmakers expressed reservations. Senator Abdul Ningi (Bauchi Central) called for increased transparency and accountability, urging lawmakers to communicate the specifics of the loans to their constituents.

“Nigerians deserve to know exactly how much is being borrowed in their name and what these funds are meant to achieve,” Ningi stated.

Deputy Senate President Jibrin Barau commended the legislative committees for their diligence, noting that the borrowing strategy was designed to ensure national inclusion and balanced development.

“This reflects the vision of the Renewed Hope Agenda. Every region is considered,” Barau added.

The Senate reiterated that all borrowed funds must be channeled strictly toward capital projects in accordance with public financial laws and oversight mechanisms.

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A New Direction for Nigeria’s Tax System

The National Assembly has approved four key bills:

•Nigeria Tax Bill 2025

•Tax Administration Bill

•Nigeria Revenue Service (Establishment) Bill

•Joint Revenue Board (Establishment) Bill

These laws mark a shift from outdated tax systems to a modern, fair, and business-friendly model. The goal is to simplify tax collection, improve compliance, and promote fairness.

Senate Majority Leader Opeyemi Bamidele called the move “a departure from archaic systems that hinder growth.” He stressed the need for tax laws that benefit both citizens and businesses.

What’s Changing in VAT?

A major part of the reform is the new Value Added Tax (VAT) sharing formula:

•Federal Government: Reduced from 15% to 10%

•States: Increased to 55%

•Local Governments: Get 35%

The reforms also propose a 60% derivation formula to resolve past legal battles over VAT rights. In simple terms, states and LGAs would keep more of the VAT they generate.

Relief on Essential Goods

The new bills will exempt VAT on essential items like:

•Food

•Education

•Rent

•Healthcare

•Public transport

•Exports and other basic needs

This will help millions of Nigerians deal with rising inflation.

Tax-Free Thresholds and SME Benefits

The Nigeria Tax Bill 2025 merges existing federal tax laws into one clear document. It brings major changes:

•No income tax for people earning up to ₦800,000 yearly

•No company tax for small businesses with less than ₦50 million in revenue

•Development Levy of 4% replaces older taxes like TETFund, but does not apply to small businesses

•Capital gains will now be taxed like company income

More Technology, Better Oversight

The Tax Administration Bill introduces digital tools:

•E-filing

•E-invoicing

•Real-time data sharing

Taxes will be based on where goods and services are used, not where they’re sold. This ensures fairer revenue sharing.

The Federal Inland Revenue Service (FIRS) will become the Nigeria Revenue Service (NRS) with lower running costs. A new independent board and executive vice chairman will lead the agency.

Resolving Disputes Fairly

The Joint Revenue Board Bill will replace the Joint Tax Board. It will coordinate tax policy across the country. It introduces:

•A Tax Ombudsman to handle public complaints

•A stronger Tax Appeal Tribunal to resolve tax disputes

This is expected to reduce multiple taxation and improve public trust in the system.

How It Affects Everyday Nigerians

The reform is designed to help low- and middle-income earners:

•No PAYE tax for those earning less than ₦1 million per year

•Tax breaks for wage awards and transport subsidies

•Fewer levies and easier processes for small businesses

•Reduced paperwork for SMEs

•No stamp duty on rents below ₦10 million

According to Taiwo Oyedele, Chair of the Presidential Fiscal Policy and Tax Reforms Committee, this is “the first reform that truly benefits the average Nigerian.”

A Boost for Local Economies

The changes could bring down the cost of essential goods and promote local industries. Small businesses will save more, while states and LGAs will get better funding.

If properly implemented, the reforms could:

•Increase disposable income

•Encourage job creation

•Improve tax transparency

•Build a more inclusive economy

Final Thoughts

These reforms offer real hope. But their success depends on execution. Poor rollout could hurt the very people it aims to help. However, with proper planning and oversight, Nigeria could be on the path to lasting economic recovery.

All eyes now turn to President Tinubu, whose assent will mark a new chapter in Nigeria’s tax history.

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In a formal communication to the federal legislature on Thursday, President Tinubu explained that with the state’s legislative body not in session, the National Assembly is constitutionally empowered to assume its functions in such situations, as outlined in the amended 1999 Constitution.

The President detailed the proposed budget’s allocations, highlighting key investment areas aimed at stimulating economic activity and improving service delivery. Of the total amount, ₦324 billion is earmarked for infrastructure development, ₦166 billion for healthcare, ₦75.6 billion for the education sector, and ₦31.4 billion for agriculture.

The agricultural component of the budget is expected to play a significant role in job creation, with projections indicating it could generate around 6,000 employment opportunities across the state.

President Tinubu urged lawmakers to expedite the passage of the appropriation bill, emphasizing its importance for sustaining development and governance in Rivers State amid ongoing challenges.

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The signing ceremony took place on Friday at the Presidential Villa, Abuja, in the presence of the leadership of the National Assembly and other senior government officials.

The budget was passed by both chambers of the National Assembly on Thursday, February 13, after lawmakers increased it from the initial ₦49.7 trillion submitted by the President.

The 2025 Appropriation Act represents a 99.96% increase from the 2024 budget of ₦27.5 trillion.

2025 Budget breakdown:

Total Expenditure: ₦54.99 trillion

Statutory Transfers: ₦3.65 trillion

Recurrent (Non-Debt) Expenditure: ₦13.64 trillion

Capital Expenditure: ₦23.96 trillion

Debt Servicing: ₦14.32 trillion

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Analysts Data Services and Resources (ADSR) highlighted in its latest report that the federal and state budget per capita stood at $0.43 and $0.21, respectively, a decline from the previous year’s $0.56 and $0.36. This decline underscores the impact of foreign exchange pressures on budget allocations per individual.

“The daily budget per person at all levels—national, federal, and state—is far below the poverty line of $2.15,” ADSR analysts stated, emphasizing the inadequacy of government spending to meet essential needs such as food, healthcare, and education.

In naira terms, the per capita budget has shrunk to ₦348,481 annually, with the federal budget accounting for ₦235,706 per citizen—equivalent to just ₦645.8 per day. At the state level, per capita spending stands at ₦115,500 annually or ₦317 daily.

With a total approved budget of ₦81.3 trillion—including ₦54.99 trillion for the federal government and ₦26.30 trillion for states—Nigeria’s budget increased by 51.9% compared to 2024. However, despite the larger budget size, concerns persist over its ability to drive meaningful economic growth amid rising debt servicing costs and inflation.

While President Bola Tinubu’s administration increased the budget from ₦49.7 trillion to ₦54.2 trillion, partly to boost capital expenditure and compensate for reduced U.S. aid, analysts warn that an additional ₦700 billion may not be sufficient to effect tangible improvements given the country’s mounting fiscal challenges.

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The budget includes ₦3.645 trillion for statutory transfers and ₦14.317 trillion for debt servicing. Recurrent expenditure, covering salaries and operational costs, is allocated ₦13.64 trillion, while capital projects receive the largest share of ₦23.963 trillion to drive infrastructure and economic growth.

Last week, President Bola Tinubu increased the proposed budget from ₦49.7 trillion to ₦54.2 trillion before seeking legislative approval.

More details to follow…

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The increase was officially communicated to the Senate through a letter from the president, which was read aloud during a plenary session by Senate President, Godswill Akpabio.

According to the president’s letter, the increase in the budget size was driven by an additional N1.4 trillion in revenue collected by the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion from other government-owned agencies.

In response, the Senate expressed appreciation for the president’s initiative in keeping the National Assembly informed of the development, recognizing his respect for the legislative body.

Senate President Akpabio directed the Senate Committee on Appropriations to review the request swiftly and confirmed that the budget would be finalized and passed before the end of the month.

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Many see it as insensitive, wasteful, and entirely unnecessary—one of the most absurd proposals the power sector has seen since Nigeria privatized its electricity assets.

Back in 2013, the federal government sold over 60% of its power sector assets to private investors, claiming it didn’t have the resources to sustain the industry.

These investors were supposed to bring in the funds needed to boost power supply and ensure bill collection. But despite privatization, the government has continued pouring billions into the sector, raising questions about why taxpayers are still footing the bill for responsibilities that should belong to private companies.

Now, the Ministry of Power is asking for N8 billion to run a sensitization campaign that, frankly, should be handled by the private sector. Why should public funds be used to teach Nigerians to pay their bills when private companies are already in charge of collections?

Minister of Power, Adebayo Adelabu, defended the proposal during his budget presentation to the National Assembly. He claimed the campaign would address issues like power theft, poor payment habits, and vandalism of power infrastructure. He added that the campaign would utilize various media platforms to reach Nigeria’s population of over 200 million.

But critics aren’t buying it. Many Nigerians, including the Nigeria Labour Congress (NLC), have slammed the proposal. NLC President Joe Ajaero didn’t mince words, calling the demand “absurd” and accusing the sector’s leadership of incompetence.

“While the minister is asking for N8 billion to educate us, contractors at the Transmission Company of Nigeria, who are essential to delivering power, are being owed over N200 billion,” Ajaero said.

Critics argue that if the government has N8 billion to spend, it should be used to fix critical power infrastructure. Investing in better electricity generation, transmission, and distribution would speak louder than any awareness campaign. After all, reliable power supply would naturally encourage Nigerians to pay their bills on time.

As the debate continues, Nigerians are urging the National Assembly to reject this proposal and push for more responsible spending in the power sector. The focus, they say, should be on fixing the system—not wasting billions on campaigns that private companies should handle.

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