By Jemimah Wellington, JKNewsMedia Reporter
APPROVAL HAS been granted by the Senate for President Bola Tinubu’s request to obtain external loans totalling $6bn following consideration of a report by the Senate Committee on Local and Foreign Debts.
JKNewsMedia.com reports that the report was presented by the committee chairman, Senator Aliyu Wamakko, after two separate letters from the president were read during plenary.
One letter sought approval to establish a structured total return swap external financing programme of up to $5bn with First Abu Dhabi Bank.
The president stated that the facility would be released in tranches and used to support budget implementation, fund priority infrastructure projects, and refinance existing domestic and external debts.
He added that the funds would also assist the Federal Government in meeting urgent financial obligations.
JKNewsMedia.com also reports that Tinubu stated that Nigeria’s total public debt stood at $110.3bn, equivalent to about N159.2tn, as of December 31, 2025.
He noted that the phased drawdown of the loan would help ease pressure on debt servicing.
His second letter requested approval for the issuance of naira denominated federal government securities as collateral for the facility, alongside the payment of margin obligations in U.S. dollars.
The president also sought approval for a $1bn export finance facility from the United Kingdom, arranged by Citibank, to fund the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.
Details to follow …
