Nigeria, Oct. 8 -- President Bola Tinubu has asked the Senate to approve a fresh $2.3 billion external loan incorporated into the 2025 budget.

The request was contained in a letter read by the Senate President, Godswill Akpabio, during plenary on Wednesday.

In the letter, Mr Tinubu explained that the facility would form part of the funds to finance the N54.99 trillion 2025 Appropriation Bill.

He said the borrowing request was made in line with Sections 21(1) and 27(1) of the Debt Management Office Act and had received the approval of the Federal Executive Council (FEC).

The president stated that the loan would be raised through the issuance of Eurobonds, bridge finance facilities from bookrunners, loan syndication, or direct borrowing...