The Nigerian Senate has given fast-tracked approval to President Bola Tinubu’s request for fresh external loans totaling $6 billion.
The decision came just three and a half hours after Senate President Godswill Akpabio read the president’s letters during Tuesday’s plenary session. Many observers noted the unusually speedy process.The approval followed the presentation of a report by Senator Aliyu Wamakko (APC, Sokoto North),
who chairs the Senate Committee on Local and Foreign Debts. After brief consideration, the Senate voted in favour.What the loans are forPresident Tinubu sent two separate requests:
$5 billion facility from First Abu Dhabi Bank (United Arab Emirates) through a structured Total Return Swap (TRS) programme.
The money would be released in phases (tranches) and used forImplementing the federal budgetFunding priority infrastructure projectsRepaying some more expensive existing domestic and external debtsHelping the government meet urgent financial needsIn the letter, President
Tinubu explained that Nigeria’s total public debt stood at $110.3 billion (about ₦159.2 trillion) as of December 31, 2025. Drawing the new funds gradually is intended to ease pressure on the country’s debt burden and repayment obligations.
$1 billion UK Export Finance loan, arranged by Citibank’s London branch.
This is specifically earmarked for the reconstruction and rehabilitation of the Lagos Port Complex (Apapa) and Tin Can Island Port.
The Senate also approved the issuance of naira-denominated government securities as collateral for the facilities, along with provisions for any required US dollar margin payments.Reactions
The rapid approval has already drawn criticism. Former Vice President Atiku Abubakar described the process as “reckless” and warned that rushing such a significant borrowing decision in under four hours could have serious long-term consequences for the economy and future generations.