The Nigerian Senate has approved a $6 billion external borrowing request submitted by President Bola Ahmed Tinubu to support Nigeria’s fiscal and infrastructure needs.
The approval followed the consideration of a report by the Senate Committee on Local and Foreign Debts, paving the way for the Federal Government to secure funds from international financial institutions.
According to details presented to lawmakers, the loan package includes $5 billion expected from the First Abu Dhabi Bank to help finance the budget deficit and manage existing debt obligations. Additionally, a $1 billion facility from UK Export Finance, arranged through Citibank London, will be used to rehabilitate critical port infrastructure, including the Lagos Port Complex and Tin Can Island Port. President Tinubu noted that the projects are aimed at improving efficiency, enhancing safety standards, and boosting Nigeria’s non-oil trade capacity, positioning the country as a major regional trade hub. The loan approval comes amid growing reliance on borrowing to bridge fiscal gaps, with Nigeria’s public debt estimated at over $110 billion as of late 2025.
Economic analysts say the move could provide critical funding for infrastructure development, though concerns remain over rising debt levels and repayment sustainability.
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