Nigeria's President Bola Tinubu asked parliament to approve $21.5 billion in external borrowing, according to a letter from the president on Tuesday seen by Reuters.

Tinubu ended a costly subsidy on petrol and devalued the naira currency after he came to power in 2023, in the country's boldest reform effort to stimulate growth.

But the moves spurred inflation and triggered a cost of living crisis in the West African nation.

"In the light of the removal of the fuel subsidy and its impact on the national economy, approval is called for the borrowing plan, which amounts to USD 21,543,647,912, and EUR 2,193,856,324.54. And in Japanese Yen, 15 billion Yen and grant of 65 million, respectively," Tinubu's letter read.