The Nigerian Senate has approved President Bola Ahmed Tinubu’s request to secure external loans totaling 6 billion dollars, marking a swift decision taken within hours of receiving the proposal.
The approval was granted during plenary after Senate President Godswill Akpabio read the President’s request and lawmakers considered a report presented by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko.
The loan request was conveyed in two separate letters sent to the Senate and formally presented during the session.
In the first request, the President sought approval to establish a structured total return swap financing arrangement valued at up to 5 billion dollars with First Abu Dhabi Bank in the United Arab Emirates.
The second request involved a 1 billion dollar loan facility from the United Kingdom Export Finance, arranged through Citibank’s London branch.
According to the President, the funds are expected to support the reconstruction and rehabilitation of key infrastructure, including the Lagos Port Complex and Tin Can Island Port.
Lawmakers approved the requests after reviewing the committee’s recommendations, clearing the way for the Federal Government to proceed with the financing plans.
The development is expected to generate discussions among economic stakeholders, especially regarding debt sustainability and the impact of external borrowing on Nigeria’s economy.
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