By Our Reporter
ABUJA (CONVERSEER) – The Nigerian Senate has approved President Bola Tinubu’s request for external loans totalling $6 billion, just hours after the proposal was presented during Tuesday’s plenary.
The approval followed the consideration of a report by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko. According to the request, the borrowing package is split into two major facilities:
$5 billion through a structured total return swap (TRS) financing programme with First Abu Dhabi Bank, UAE
$1 billion UK export finance facility arranged by Citibank London for the rehabilitation of the Lagos Port Complex and Tin Can Island Port
President Tinubu said the funds would be used for:
- Budget implementation
- Critical infrastructure development
Refinancing expensive domestic and foreign debts - Meeting urgent government financial obligations
The President also disclosed that Nigeria’s total public debt stood at $110.3 billion (about ₦159.2 trillion) as of December 31, 2025, noting that the new loan would be drawn in phases to ease debt servicing pressure.
This latest approval is expected to boost key national projects, especially in the transport and maritime sectors, while also supporting the full implementation of the 2026 budget.
