The Senate has approved a request by President Bola Tinubu to secure external loans totalling six billion dollars.
The approval was granted within a few hours after the President of the Senate, Godswill Akpabio, read the president’s request during plenary on Tuesday.
The decision followed the presentation of a report by Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts.
President Tinubu had earlier sent two separate letters to the Senate seeking approval for the loans. In the first letter, he requested permission to establish a five billion dollar external financing programme with First Abu Dhabi Bank in the United Arab Emirates.
He explained that the facility would be released in phases and used to support the national budget, develop key infrastructure, and repay existing debts. According to him, the plan would also help the government meet urgent financial needs when required.
The president stated that Nigeria’s total public debt stood at 110.3 billion dollars as of December 31, 2025, adding that drawing the loan in stages would reduce pressure on debt servicing.
In the second letter, Tinubu asked the Senate to approve the use of naira-denominated government securities as collateral for the loan and to allow payments tied to the facility to be made in US dollars.
He also sought approval for an additional one billion dollar loan facility from a United Kingdom export finance arrangement. The funds are expected to be used for the reconstruction and rehabilitation of Lagos Port Complex and Tin Can Island Port.
The Senate gave its approval after considering all requests, clearing the way for the federal government to proceed with the borrowing plan.
