The Nigerian Senate has approved President Bola Tinubu’s request to secure external loans totaling $6 billion.
The approval came just four hours after Senate President Godswill Akpabio read Tinubu’s letters seeking authorisation during plenary.
The upper chamber granted the approval following the presentation and consideration of a report by the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko.
Earlier reports by Politics Nigeria revealed that the President’s loan request was contained in two separate letters addressed to the Senate President and read during Tuesday’s session.
In the first letter, Tinubu sought approval to establish a structured total return swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank of the United Arab Emirates.
In the second letter, the President requested a $1 billion UK Export Finance (UKEF) loan facility, arranged through Citibank’s London branch, to fund the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.
The loans are intended to support budget financing, infrastructure development, and strengthen Nigeria’s position as a regional trade hub.