President Muhammadu Buhari requested on Tuesday parliamentary approval for new external borrowing of $6.18 billion.

Nigeria will seek to raise $3 billion or more in Eurobonds as part of the new debt, the president wrote in a letter to parliament detailing the borrowing plan.

The money will partly be used to finance Nigeria’s 2021 budget deficit, going to projects in the power, transport and agriculture sectors, as well as education, health and defence, said Buhari.

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