The maximum amount that Nigeria can borrow in 2017 from both local and foreign sources is $22.08 billion without it violating its debt threshold, the Debt Management Office (DMO) said.

Nigeria has a borrowing space of 5.89 percent of its GDP of $374.95 billion which will take its debt limit to a country-specific threshold of 19.39 percent of its total public debt-to-GDP ratio, it said in a report.

Total public debt-to-GDP ratio for 2016 is projected at 13.5 percent, it said in a debt sustainability report seen by Reuters on Wednesday. It said total public debt-to-revenue stood at 28.10 percent as of 2015, slightly higher than 28 percent threshold.

President Muhammadu Buhari has asked parliament to approve $30 billion of foreign borrowing to fund planned infrastructure projects until 2018, according to a letter read out to lawmakers on Tuesday.

Nigeria’s public debt stood at 16.29 trillion naira as of June 2016, up from 12.60 trillion naira by end December.