The Senate on Tuesday approved President Bola Tinubu’s request to secure external loans totalling $6 billion, barely three and a half hours after the proposal was presented during plenary, ENigeria Newspaper has learnt.
The swift approval followed the reading of the president’s letters by Senate President Godswill Akpabio and the immediate consideration of a report by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko.
Recall that ENigeria Newspaper had reported that Tinubu’s request was contained in two separate communications to the Senate, seeking legislative backing for key financing arrangements aimed at supporting the country’s fiscal needs.
In the first letter, the president sought approval to establish a $5 billion structured total return swap (TRS) external financing programme with First Abu Dhabi Bank of the United Arab Emirates. He explained that the facility would be accessed in tranches and deployed toward budget implementation, infrastructure development, and refinancing of existing debts.
“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,” Tinubu wrote.
He added that the phased drawdown of the loan would help reduce pressure on Nigeria’s debt profile while enabling the government to meet urgent financial obligations. According to him, the country’s total public debt stood at $110.3 billion, equivalent to about ₦159.2 trillion, as of December 31, 2025.
In a second request, the president asked the Senate to approve a $1 billion loan facility from UK Export Finance, arranged by Citibank’s London branch, to fund the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
He also sought approval for the issuance of naira-denominated securities as collateral and for associated obligations to be settled in U.S. dollars.
