The Nigerian Senate has approved President Bola Tinubu’s request to secure external loans totaling $6 billion.
The approval came just hours after the Senate President, Godswill Akpabio, read the President’s letters seeking the authorization during plenary. Following the presentation, the Senate considered a report from the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, before granting approval.
The loans were requested in two separate letters. In the first, President Tinubu sought approval to establish a structured Total Return Swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank in the United Arab Emirates.
In the second letter, the President requested approval for a $1 billion UK Export Finance loan facility arranged through Citibank, London. This facility is intended to fund the reconstruction and rehabilitation of key maritime infrastructure, including the Lagos Port Complex and Tin Can Island Port.
According to the government, the loans are expected to strengthen infrastructure, support trade, and improve the efficiency of Nigeria’s ports, positioning the country as a competitive hub for commerce in the region.
The approval of the external borrowing marks a significant step in the administration’s efforts to mobilize resources for strategic national projects while maintaining financial oversight and accountability.
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