Nigeria seeks approval to borrow $7.9 billion

Nigeria is seeking the approval of lawmakers to borrow $7.9 billion externally as part of a plan inherited from the previous administration, according to the Daily Trust newspaper citing a letter read on the floor of the Senate on Wednesday.

President Bola Tinubu said his predecessor, former President Muhammadu Buhari, had approved the external borrowing plan on May 15, the Abuja-based newspaper reported.

Included in the plan is $1 billion to be borrowed from the African Development Bank and $2 billion from the World Bank as well as 100 million euros from an undisclosed lender.

The funds would be invested in a number of areas including infrastructure, agriculture, health, education and water supply.