Nigeria’s parliament on Wednesday approved President Bola Tinubu’s request to borrow $2.85 billion from international debt markets, including the country’s first-ever sovereign sukuk issuance.
According to Reuters, earlier this month, Tinubu sought parliamentary approval for new international borrowing and authorization to issue a $500 million debut sovereign sukuk.
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The president stated that the funds would be used to partially finance the budget deficit and refinance Eurobonds maturing in November.
Tinubu added that the borrowing could be executed through the Eurobond market, loan syndication, bridge financing from bookrunners, or directly from international banks.
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