Nigeria’s parliament accepts a plan to borrow $2.85 billion from other countries, which includes the first sukuk

The Nigerian parliament agreed on Wednesday to President Bola Tinubu’s request to borrow $2.85 billion from foreign debt markets. This includes issuing a sovereign sukuk, which is a first for the country.

Earlier this month, Tinubu asked parliament to allow the country to borrow more money from other countries and issue its first sovereign sukuk worth $500 million.

Tinubu said the new money would be used to help pay for part of the budget deficit and to refinance Eurobonds that are set to mature in November. He also said that the money could be borrowed from international banks, the Eurobond market, loan syndication, or bookrunners to provide bridge financing.