The Senate has swiftly approved President Bola Tinubu’s request to secure external loans totaling $6 billion, concluding the process within hours of receiving it
The approval came about three and a half hours after Senate President Godswill Akpabio read the president’s request during Tuesday’s plenary. Lawmakers gave the green light after considering a report presented by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts.
Tinubu’s borrowing plan was outlined in two separate letters to the Senate. In one, he 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.
“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,” he stated.
He explained that the funds would support budget execution, finance priority infrastructure projects, and refinance costly domestic and external debts, while also helping the government meet urgent financial obligations.
Tinubu also disclosed that Nigeria’s total public debt stood at $110.3 billion, approximately N159.2 trillion, as of December 31, 2025.
Follow Us on Facebook – @LadunLiadi; Instagram – @LadunLiadi; Twitter – @LadunLiadi; Youtube – @LadunLiadiTV for updates
What are they doing with the loan sef