Nigeria’s Senate has swiftly approved President Bola Tinubu’s request to secure external loans totalling $6 billion, concluding the process just hours after the proposal was presented on the floor.
The approval followed the reading of the president’s request by Senate President Godswill Akpabio and the consideration of a report submitted by the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko.
In his communication, Tinubu sought approval for a $5 billion structured total return swap (TRS) financing arrangement with First Abu Dhabi Bank, noting that the funds would be disbursed in phases.
He stated: “The purpose of this letter is to request the approval and resolution of the National Assembly… to establish a structured total return swap (TRS) derivative external financing programme… of up to $5 billion, which will be made available… in tranches.”
According to the president, the funds will support budget implementation, critical infrastructure development, and the refinancing of existing high-cost debts, while also helping the government meet urgent financial obligations.
Tinubu further disclosed that Nigeria’s public debt stood at $110.3 billion (about N159.2 trillion) as of December 31, 2025, adding that the phased drawdown strategy would help manage debt servicing pressures.
In a separate request, the president also sought approval for a $1 billion UK export finance facility arranged by Citibank’s London branch.
The loan is earmarked for the rehabilitation and reconstruction of the Lagos Port Complex and Tin Can Island Port, alongside provisions for issuing naira-denominated securities as collateral.