The National Assembly has approved President Bola Ahmed Tinubu’s $6 billion external borrowing request, paving the way for fresh funding for infrastructural development and debt management.
The approval followed the consideration of two separate loan requests submitted by the president to the legislature. The letters were addressed to Tajudeen Abbas and Godswill Akpabio, and were read during plenary on Tuesday.
In the first request, Tinubu sought 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.
“The purpose of this letter is to request for the approval and resolution of the national assembly pursuant to the provisions of section 21(1) and 27(1) of the debt management office establishment act 2003 to establish a structured total return swap (TRS) derivative external financing programme from First Abu Dhabi Bank of the United Arab Emirates of up to $5 billion which will be made available to the Federal Republic of Nigeria in tranches,” the letter read.
The president noted that the proposed borrowing would add to Nigeria’s public debt stock, currently put at $110.3 billion, equivalent to about N159.2 trillion as of December 31, 2025.
He, however, explained that the funds would be deployed towards budget implementation, execution of priority infrastructure projects, and refinancing of more expensive domestic and external debts.
In a separate request, Tinubu also sought approval for a $1 billion UK export finance loan facility arranged by Citibank’s London branch.
According to the president, the facility will be used to reconstruct and rehabilitate the Lagos Port Complex and Tin Can Island Port, key assets in Nigeria’s maritime and trade sector.
Following deliberations, Speaker Abbas referred the request to the House Committee on Aids, Loans and Debt Management for further legislative scrutiny.
Chairman of the committee, Abubakar Nalaraba, subsequently moved a motion for its consideration at the Committee of Supply.
The House thereafter adopted the report and gave full approval to the president’s loan request.
