The Senate has given swift approval to President Bola Tinubu’s request to obtain external loans totaling $6 billion, completing the process within a few hours of its presentation.
The request was read on the floor of the Senate by Senate President Godswill Akpabio during Tuesday’s plenary, and lawmakers moved quickly to consider it. Approval followed the submission of a report by Senator Aliyu Wamakko, who heads the Senate Committee on Local and Foreign Debts.
The borrowing plan was detailed in two separate communications from the president. One of the requests sought approval for a structured total return swap (TRS) external financing arrangement worth up to $5 billion with First Abu Dhabi Bank in the United Arab Emirates.
“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,” Tinubu stated.
He explained that the funds would be directed toward implementing the national budget, financing key infrastructure projects, and refinancing existing debts, especially those with higher costs. The facility is also expected to help the government respond to urgent financial needs.
Tinubu further disclosed that Nigeria’s total public debt stood at $110.3 billion, approximately N159.2 trillion, as of December 31, 2025.
