Nigeria's parliament on Wednesday approved President Bola Tinubu's request to borrow $2.85 billion from international debt markets, including the country's first-ever issuance of a sovereign sukuk.

Tinubu asked parliament earlier this month to approve new international borrowing and authorise the issuance of a $500 million debut sovereign sukuk.

The new funds would be used to part-finance the budget deficit and refinance maturing Eurobonds due in November 2025, Tinubu said.

The president added that the borrowing could be done via the Eurobond market, loan syndication, bridge financing from bookrunners, or directly from international banks.