The Nigerian Senate has approved President Bola Ahmed Tinubu’s request to secure external loans totaling $6 billion to support government spending and key infrastructure projects.
The approval followed the consideration of a report presented by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Aliyu Wamakko. The move came shortly after the President formally submitted his request, highlighting the urgency of funding priority sectors.
In his communication to Senate President Godswill Akpabio, Tinubu sought approval to borrow $5 billion from Abu Dhabi Bank to address the budget deficit and meet existing debt obligations.
In a separate request, the President also asked for approval to obtain a $1 billion facility from UK Export Finance through Citibank in London. The funds are intended for the rehabilitation of major port facilities, including the Lagos Port Complex and Tin Can Island Port.
According to the President, the projects aim to resolve long-standing operational challenges in the maritime sector, improve efficiency and safety, and boost non-oil trade while strengthening Nigeria’s position as a regional trade hub.
After the requests were read during plenary, they were referred to the Senate committee for swift review, which ultimately led to their approval.
The latest borrowing plan reflects the Federal Government’s continued reliance on loans—both domestic and foreign—to bridge funding gaps and finance infrastructure development. Earlier in the year, the National Assembly had also approved the raising of ₦1.15 trillion from the domestic market to support the 2025 budget.
Lawmakers noted that the 2025 budget stands at about ₦59.99 trillion, an increase from the initially proposed ₦54.74 trillion, further highlighting the need for additional financing to cover the growing fiscal deficit.
