Senate Approves Tinubu’s $6bn Loan Request

The Senate has approved President Bola Tinubu’s request for $6bn in external loans, just hours after receiving his letter.

Senate President Godswill Akpabio read the request during plenary, after which lawmakers swiftly endorsed the borrowing plan based on a report presented by Senator Aliyu Wamakko, Chairman of the Committee on Local and Foreign Debts.

Tinubu’s first letter sought approval for a $5bn structured total return swap (TRS) financing programme with First Abu Dhabi Bank, to be disbursed in tranches.

He explained that proceeds would fund budget implementation, priority infrastructure projects, and repayment of costly debts.

“The purpose of this letter is to request approval… to establish a structured TRS derivative external financing programme… of up to $5 billion,” Tinubu wrote, stressing that the facility would help Nigeria meet urgent financial obligations.

In a second letter, Tinubu requested approval for a $1bn UK export finance loan arranged by Citibank London, earmarked for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.

The president noted that Nigeria’s public debt stood at $110.3bn (₦159.2trn) as of December 2025, but said the loans would be drawn in phases to ease debt servicing pressures.

Lawmakers approved both requests, citing the need to support infrastructure development and maintain fiscal stability.

The loans are expected to provide relief for Nigeria’s financing needs while addressing critical projects.