National Assembly Approves Tinubu’s $6bn Loans Request

The National Assembly has given approval to President Bola Tinubu’s request to secure $6 billion in external loans.

The president had earlier written to lawmakers, seeking approval for two separate borrowing plans involving financial institutions in the United Arab Emirates and the United Kingdom.

The requests were contained in two letters sent to Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas.

Both letters were read during plenary on Tuesday.

In the first request, Tinubu asked for approval to establish a structured total return swap external financing programme worth up to $5 billion with First Abu Dhabi Bank in the UAE.

According to the letter, the facility is expected to be released to Nigeria in phases and is backed by the provisions of the Debt Management Office Act 2003.

The president noted that the new borrowing would add to Nigeria’s existing public debt, which stood at $110.3 billion, or about ₦159.2 trillion, as of December 31, 2025.

He explained that the funds would be used to support budget implementation, finance key infrastructure projects, and refinance some costly local and foreign debts.

In the second letter, Tinubu also asked for approval of a $1 billion export finance loan from the United Kingdom, arranged through Citibank’s London branch.

He said the money would go into the reconstruction and rehabilitation of the Lagos Port Complex as well as Tin Can Island Port.

After the letters were presented, Speaker Abbas forwarded the request to the House Committee on Aids, Loans and Debt Management for legislative consideration.

The committee chairman, Abubakar Nalaraba, later moved that the report be adopted at the committee of supply, after which the House approved the president’s borrowing request.

KanyiDaily recalls that President Bola Tinubu also asked the National Assembly to approve an increase in the 2026 budget, proposing an additional ₦9 trillion to raise the total from ₦58.4 trillion to ₦67.4 trillion.