Nigeria’s Senate has swiftly approved President Bola Tinubu’s request to secure external loans totalling $6 billion, completing the process barely three and a half hours after the request was formally presented.
The approval followed the reading of two separate letters from the president by Senate President Godswill Akpabio during plenary on Tuesday.
Lawmakers subsequently considered and adopted the report of the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko.
In the first request, President Tinubu sought legislative backing to establish a structured total return swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank.
The facility, he explained, would be made available to Nigeria in tranches, in line with provisions of the Debt Management Office Establishment Act.
According to the president, proceeds from the facility will be deployed for budget implementation, priority infrastructure development and the refinancing of higher-cost domestic and external debts.
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He added that the arrangement would also support the federal government in meeting urgent financial obligations when required.
Tinubu disclosed that Nigeria’s total public debt stood at $110.3 billion, approximately N159.2 trillion, as of 31 December 2025.
He clarified that that drawing down the loan in phases was intended to limit pressure on the country’s debt stock and servicing costs.
The Senate also approved related requests, including the issuance of naira-denominated federal government securities as collateral for the facility and the settlement of margin obligations in US dollars.
In a second letter, the president sought approval for a $1 billion UK Export Finance-backed loan facility arranged by Citibank.
The funds are earmarked for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port, two of the country’s most critical maritime gateways.