Nigeria's parliament approves Tinubu's request to borrow $2.85 billion

Nigeria's parliament has approved President Bola Tinubu's request to borrow $2.85 Billion from the international debt markets

The package includes the country's first-ever issuance of a $500 million sovereign sukuk.

The funds would partly finance the budget deficit and refinance maturing Eurobonds due in November, Tinubu stated.

He indicated that borrowing could occur via the Eurobond market, loan syndication, bridge financing, or direct bank loans.