Senate Swiftly Approves Tinubu’s $6 Billion Loan Request

The Nigerian Senate has swiftly approved President Bola Tinubu’s request to secure external loans totaling $6 billion. The approval came just three and a half hours after Senate President Godswill Akpabio read the president’s formal request during plenary.

The swift authorization followed the presentation and review of a report by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts. The president’s borrowing request was detailed in two separate letters addressed to Akpabio, which were read before the chamber.

In the first letter, President Tinubu sought approval for a structured total return swap (TRS) external financing program of up to $5 billion with First Abu Dhabi Bank of the United Arab Emirates. He explained that the funds would be disbursed in tranches and utilized for budget implementation, critical infrastructure projects, and the refinancing of costly domestic and external debts, while also helping the government address urgent financial obligations.

According to the president, Nigeria’s total public debt stood at approximately $110.3 billion (around N159.2 trillion) as of December 31, 2025. The second portion of the request contributed to the overall $6 billion loan package, which lawmakers approved to support the government’s fiscal strategy.