The Senate on Tuesday, March 31, 2026 approved a fresh $6 billion external loan request by President Bola Ahmed Tinubu, fast-tracking the borrowing plan on the same day it was formally presented on the floor of the Red Chamber.
The approval followed the consideration of a report by the Chairman of the Senate Committee on Local and Foreign Debts, Aliyu Wamako, shortly after Senate President Godswill Akpabio read the President’s request during plenary.
The borrowing request, conveyed in two separate letters addressed to Akpabio, seeks to plug budgetary shortfalls and finance key infrastructure projects under the Federal Government’s fiscal strategy.
In the first request, President Tinubu sought approval for a $5 billion loan facility from Abu Dhabi Bank, aimed at covering Nigeria’s budget deficit and supporting debt servicing obligations.
The President said the facility is critical to stabilising public finances and sustaining ongoing government programmes amid mounting fiscal pressures.
In a second letter, the President requested approval to secure a $1 billion loan from UK Export Finance through London Citi Bank, targeted at the rehabilitation of major port infrastructure.
The funds, according to the Presidency, will be deployed to upgrade the Lagos Port Complex and Tin Can Island Port, two of Nigeria’s busiest maritime gateways.
Tinubu argued that the intervention would address long-standing infrastructure decay, improve operational efficiency, and enhance safety standards within the maritime sector.
He added that modernising the ports would not only boost trade facilitation but also support Nigeria’s broader economic diversification agenda and strengthen its competitiveness as a regional trade hub.
With the Senate’s swift approval, both loan requests have now cleared a major legislative hurdle, paving the way for the Federal Government to proceed with the planned borrowings.
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