The Senate has approved President Bola Tinubu’s request for external loans totalling $6 billion to support government financing and infrastructure development.
Tinubu had conveyed the request in two separate letters addressed to Godswill Akpabio, the Senate president, which were read during plenary on Tuesday.
The upper chamber approved a $5 billion structured total return swap (TRS) external financing programme from First Abu Dhabi Bank in the United Arab Emirates.
The facility will be disbursed in tranches to support federal funding needs and improve fiscal liquidity.
Senate also approved a $1 billion loan facility from UK Export Finance, arranged by Citibank, London branch.
The loan will fund the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.
Tinubu had said the $5 billion facility would be used to implement the budget, finance priority infrastructure projects, and refinance expensive domestic and external debts.
He added that the funds would also help the federal government meet urgent financial obligations when necessary.
The president had noted that the borrowing would increase Nigeria’s public debt stock, which stood at $110.3 billion, equivalent to about ₦159.2 trillion as of December 31, 2025.
He, however, said the government would draw the loans in phases to reduce pressure on debt servicing.
Tinubu also sought and received approval to issue naira-denominated federal government securities as collateral and to meet margining obligations in US dollars.
He said the $1 billion port rehabilitation project would address long-standing infrastructure challenges, improve efficiency, and enhance safety standards at the facilities.
The president added that the upgrade would strengthen Nigeria’s position as a maritime hub and support non-oil trade diversification.
The Lagos Port Complex and Tin Can Island Port handle the bulk of Nigeria’s seaborne trade and remain critical to the country’s import and export activities.
The approval followed the consideration of the requests by the Senate Committee on Local and Foreign debts.
