Nigerian President Bola Tinubu on Wednesday asked the Senate to approve nearly $8 billion in new debt as part of a 2022-24 external borrowing plan to finance infrastructure, health, education and security.
Nigeria, Africa's biggest economy and top oil producer, has been relying increasingly on debt due to lower tax collections and lower oil exports, its biggest foreign currency earner.
Nigeria has raised money in international credit markets, including through eurobonds, and borrowed from lenders like the World Bank and African Development Bank for budget support. The government has said it wants to encourage investments rather than rely on borrowing to create jobs and build infrastructure.
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