BREAKING: Senate Fast-Tracks Approval of Tinubu’s $6bn External Loan Request

The Senate on Tuesday approved President Bola Tinubu’s request for external borrowing totalling $6 billion, barely hours after the proposal was presented during plenary.

The approval followed the consideration of a report submitted by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts, shortly after Senate President Godswill Akpabio read the president’s letters before lawmakers.

In the first request, President Tinubu sought legislative approval for a $5 billion structured total return swap external financing programme with First Abu Dhabi Bank. According to the president, the facility will be released in tranches and channelled toward budget implementation, critical infrastructure development, and refinancing of costly domestic and external debts.

Tinubu explained that the phased disbursement is designed to reduce pressure on Nigeria’s debt profile, noting that the country’s total public debt stood at $110.3 billion (about N159.2 trillion) as of December 31, 2025.

In a separate request, the president also secured Senate approval for a $1 billion export finance facility arranged through Citibank and backed by the United Kingdom export credit system. The fund is expected to support the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.

The Senate also approved the issuance of naira-denominated federal government securities as collateral for the financing arrangement, alongside margin obligations payable in US dollars.

More details are expected as implementation plans unfold.