The Nigerian Senate on Tuesday approved a $6 billion external borrowing request by President Bola Tinubu, just hours after the proposal was formally presented on the floor of the chamber.
The request, conveyed in two separate letters to Senate President Godswill Akpabio and read during plenary, received swift legislative backing following the consideration of a report by the Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko.
In the first communication, Tinubu sought approval to establish a structured Total Return Swap (TRS) external financing programme valued at up to $5 billion with First Abu Dhabi Bank. The facility is expected to support the government’s fiscal and infrastructure financing needs.
In a second request, the President asked lawmakers to approve a $1 billion loan facility backed by UK Export Finance and arranged by Citibank. According to the President, the funds will be deployed towards the reconstruction and rehabilitation of key maritime infrastructure, including the Lagos Port Complex and Tin Can Island Port.
The rapid approval underscores the legislature’s support for the administration’s borrowing plan amid ongoing efforts to address infrastructure deficits and stabilise the economy.
