The Nigerian Senate has approved President Bola Tinubu’s request for a $6 billion external loan to support key national priorities.
The approval came on Tuesday, March 31, 2026, after the Senate considered a report presented by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts. The request was contained in two separate letters from the President read during plenary.
Breakdown of the Loan
– $5 billion – Structured Total Return Swap (TRS) external financing programme with First Abu Dhabi Bank, to be released in tranches.
– $1 billion – Export finance facility from the United Kingdom, arranged by Citibank, specifically for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.
The facilities are intended for:
– Supporting the implementation of the national budget
– Funding priority infrastructure projects
– Refinancing existing domestic and external debts
– Meeting urgent financial obligations
President Tinubu noted that the phased drawdown of the loan would help ease pressure on debt servicing.
Additional Approvals
The Senate also approved the issuance of naira-denominated federal government securities as collateral and the payment of margin obligations in U.S. dollars.