The Nigerian Senate has approved President Bola Tinubu’s request to secure external loans totaling $6 billion, marking a significant step in the administration’s financing strategy.

The approval was granted less than four hours after Senate President Godswill Akpabio read the President’s request during plenary on Tuesday. The decision followed the presentation and adoption of a report by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko.

The loan request was conveyed in two separate letters addressed to the Senate President. In the first, President Tinubu sought approval to establish a structured Total Return Swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank of the United Arab Emirates, CEOAFRICA had earlier reported.

In the second letter, the President requested approval for a $1 billion loan facility backed by UK Export Finance and arranged by Citibank’s London branch.

The administration stated that the $1 billion facility will be specifically directed toward the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port, key infrastructure projects aimed at improving Nigeria’s maritime and trade capacity.

The swift approval underscores the Senate’s support for the proposed financing plan, which is expected to play a role in addressing infrastructure deficits and stimulating economic activity.