In a strategic shift to attract hard currency and deepen the domestic financial market, President Bola Tinubu has asked the Senate to approve a $2 billion capital raise through dollar-denominated bonds issued within Nigeria.

The request, transmitted to the National Assembly and grounded in the Fiscal Responsibility Act and Executive Order No. 16 of 2023, is seeking to introduce a new layer of financial instruments to the local market—offering foreign currency investment opportunities to domestic and international investors.

If approved, the program would allow the government to raise much-needed foreign currency without relying on external markets.

Funds raised will be channeled into key sectors chosen for their potential to stimulate growth, improve infrastructure, boost forex inflows, and generate jobs. Sectoral allocations will be guided by the Finance Minister but subject to presidential and legislative approval.

“This initiative will not only broaden our investor base and strengthen reserves but also reduce pressure on external borrowing,” Tinubu wrote. “It is a bold step to stabilize the naira and build investor confidence in our domestic economy.”

The Senate President has mandated its Committee on Local and Foreign Debts to review the request within two weeks.
Oversight and implementation will fall under the Debt Management Office (DMO) once clearance is granted.