Senate Grants Swift Approval to Tinubu’s $6bn Loan Request Hours After Presentation

Abuja, Nigeria — The Senate on Tuesday approved President Bola Ahmed Tinubu’s request to secure external loans totalling $6 billion, just hours after the proposal was formally presented during plenary.

The development comes shortly after earlier reports highlighted the President’s move to seek legislative backing for the borrowing plan as part of efforts to support fiscal operations and infrastructure development.

Approval was granted less than four hours after Senate President Godswill Akpabio read the President’s request on the floor, followed by the rapid consideration of a report by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko.

The request was transmitted through two separate letters addressed to the Senate and read during Tuesday’s proceedings.

In one of the communications, President 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 of the United Arab Emirates.

He explained that the financing arrangement, expected to be disbursed in phases, would be deployed to support budget implementation, fund priority infrastructure projects, and refinance existing high-cost domestic and external debts.

“The purpose of this letter is to request the approval and resolution of the National Assembly… to establish a structured total return swap (TRS) derivative external financing programme… of up to $5 billion,” the President stated.

Tinubu noted that the facility would also provide the Federal Government with the flexibility required to meet urgent financial obligations when necessary.

He further disclosed that Nigeria’s total public debt stood at $110.3 billion, approximately N159.2 trillion, as of December 31, 2025.

The swift approval underscores the Senate’s readiness to back the administration’s financing strategy amid ongoing economic reforms and fiscal pressures.