The Senate has approved President Bola Tinubu’s fresh 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.
According to Mr Tinubu, out of the $6 billion, the lion’s share of $5 billion is a structured Total Return Swap (TRS) external financing programme offered by the First Abu Dhabi Bank, to be released in tranches.
The remaining $1 billion is an 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 to support the implementation of the national budget, funding priority infrastructure projects, and refinancing existing domestic and external debts.
The President also said the loan will help the country to meet urgent financial obligations, noting that the phased drawdown of the borrowing will help ease pressure on debt servicing.
The Senate also approved the issuance of Naira-denominated federal government securities as collateral and the payment of margin obligations in US Dollars.
Earlier, it was reported that President Tinubu sought the red chamber’s approval for a significant upward review of the 2026 budget, proposing an additional N9 trillion to the Appropriation Bill.
The request, conveyed in a letter read on the Senate floor during Tuesday’s plenary by the Senate President, Mr Godswill Akpabio, would increase the budget size from the initial N58.47 trillion to N67.47 trillion.
According to the President, the proposed adjustment is aimed at strengthening fiscal transparency and ensuring more effective implementation of priority national programmes.
The development raises fresh worries about Nigeria’s debt portfolio, which has risen considerably within the three years of the Tinubu-led administration.
