National News
BREAKING: Senate approves Tinubu’s $6bn loan request within hours
The Senate has approved President Bola Tinubu’s request to secure external loans totalling $6 billion, in a swift legislative move concluded within hours of submission.
The approval came barely three and a half hours after Senate President, Godswill Akpabio, read the president’s request during plenary on Tuesday.
The upper chamber granted the request following the presentation and adoption of a report by Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts.
President Tinubu’s loan request was conveyed in two separate letters addressed to the Senate. In the first, he sought approval to establish a structured total return swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank.
According to the president, the facility—expected to be disbursed in tranches—will be used to support budget implementation, fund priority infrastructure projects, and refinance relatively expensive domestic and external debts. He added that the arrangement would also help the government meet urgent financial obligations when necessary.
Tinubu disclosed that Nigeria’s total public debt stood at $110.3 billion, approximately N159.2 trillion, as of December 31, 2025, noting that the phased drawdown of the loan would help manage debt servicing pressures.
In a separate request, the president sought approval for a $1 billion UK export finance loan facility arranged by Citibank, London branch. The loan is designated for the reconstruction and rehabilitation of critical maritime infrastructure, including 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 provisions for margining obligations in US dollars.
The speedy approval underscores the urgency attached by the executive and legislature to addressing Nigeria’s fiscal challenges and infrastructure deficits.
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