Tinubu seeks Senate approval for $6bn external loans to fund budget, rehabilitate ports
President Bola Tinubu has formally requested the approval of the National Assembly to secure external loans totalling $6 billion to support Nigeria’s fiscal needs, infrastructure development, and port rehabilitation projects.
The requests were conveyed in two separate letters addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary session. Following the presentation, Akpabio referred the proposals to the Senate Committee on Local and Foreign Debts for further legislative consideration.
In the first request, Tinubu is seeking approval for a structured Total Return Swap (TRS) external financing programme of up to $5 billion from First Abu Dhabi Bank in the United Arab Emirates. According to the president, the facility would be disbursed in phases to help manage federal funding requirements and improve fiscal liquidity.
He explained that the funds would be used to support budget implementation, finance priority infrastructure projects, and refinance existing domestic and external debts considered costly. The president also noted that the facility would help the government meet urgent financial obligations when necessary.
