The Nigerian Senate has approved a fresh $6 billion external borrowing request by President Bola Tinubu, paving the way for the Federal Government to address fiscal shortfalls and fund critical infrastructure projects.
The approval followed the swift consideration of a report presented by Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts, after the President formally transmitted his request to lawmakers earlier in the day.
In correspondence addressed to Senate President Godswill Akpabio and read during plenary, Tinubu sought legislative backing to secure $5 billion from Abu Dhabi Bank.
The facility, according to the President, is intended to support budget deficit financing and service existing debt obligations.
In a separate request, Tinubu also asked for approval to obtain a $1 billion loan from UK Export Finance through Citibank in London.
The funds are earmarked for the rehabilitation of key maritime assets, including the Lagos Port Complex and Tin Can Island Port.
The President noted that the port projects are designed to resolve longstanding operational challenges, improve efficiency, strengthen safety standards, and boost Nigeria’s non-oil export capacity.
READ ALSO: Senate to Pass ₦48.47tn 2026 Budget on March 31 — Akpabio
He added that the upgrades would help position the country as a major trade hub in the region.
Following the reading of the requests, Akpabio had referred the matter to the Senate Committee on Local and Foreign Debts with a directive for expedited review—a process that culminated in Tuesday’s approval.
The latest move underscores the Federal Government’s continued reliance on borrowing—both domestic and external—to finance budget deficits and infrastructure development.
Earlier this year, the National Assembly approved a N1.15 trillion domestic borrowing plan for the 2025 budget deficit, completing the government’s financing framework.
Lawmakers 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 Executive, reflecting growing fiscal pressures and the need for additional funding sources.