The Nigerian Senate on Tuesday approved President Bola Ahmed Tinubu’s request to secure fresh external loans totalling $6 billion, despite rising concerns over the country’s rising debt profile and persistent fiscal pressures.
The approval followed the swift consideration of a report presented by the Chairman of the Senate Committee on Local and Foreign Debts, Aliyu Wamakko, just hours after the President formally transmitted his request to the National Assembly.
In a letter addressed to Senate President Godswill Akpabio and read during plenary, Tinubu sought legislative backing to borrow $5 billion from Abu Dhabi Bank to finance the 2025 budget deficit and service existing debt obligations.
In a separate communication, the President also requested approval for a $1 billion loan facility from UK Export Finance, to be accessed through Citibank in London, for the rehabilitation of critical port infrastructure.
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According to Tinubu, the proposed projects will target the Lagos Port Complex and Tin Can Island Port, aiming to address long-standing operational inefficiencies, improve safety standards, and boost Nigeria’s non-oil trade capacity.
He argued that the interventions would reposition Nigeria as a regional trade hub while tackling systemic bottlenecks that have hindered the maritime sector’s competitiveness.
Following the reading of the requests, Akpabio referred the documents to the Senate Committee on Local and Foreign Debts with a directive for expedited review. This process culminated in their approval the same day.
The latest borrowing plan comes against the backdrop of the Federal Government’s continued reliance on loans to plug widening fiscal gaps.
In November 2025, the National Assembly approved Tinubu’s request to raise N1.15 trillion from the domestic debt market to fund the budget deficit, effectively completing the administration’s financing structure for that fiscal year.
Lawmakers, in adopting the committee’s report, noted that the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion—an increase from the N54.74 trillion initially proposed by the
