Nigerian lawmakers have approved President Bola Tinubu's proposal to borrow $2.21 billion from foreign investors to fill a budget deficit of 9.18 trillion naira ($5.46 billion) for 2023. The financing includes $1.7 billion in eurobonds and $500 million in sukuk, as Finance Minister Wale Edun pointed out

This approval follows the adoption of the Senate Committee's report on local and foreign debts. The report was presented by the chairman of the committee, Senator Aliyu Wammako

Presenting the committee's report, Wammako said that the presidential request was very much needed for approval.

He said that the loan request would be used for the execution of ongoing projects and programs in the 2024 Appropriations Act, saying that the projects were critical to national growth and development.

Highlighting other areas where the loan would help the country, the chairman of the Senate Committee said:

“This will contribute to the implementation of the debt management strategy, which is aimed at reducing the cost of borrowing.

“This will extend the maturity of public debt, free up domestic market space for other borrowers, and help increase Nigeria's external reserves.

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