President Bola Tinubu has requested the National Assembly’s approval for external loans totaling $6 billion to support federal funding needs and fiscal liquidity management.
The loans include a $5 billion structured total return swap (TRS) external financing programme from First Abu Dhabi Bank of the United Arab Emirates and a $1 billion UK export finance loan facility arranged by Citibank, London branch.
The $5 billion facility will be used for budget implementation, development of priority infrastructure projects, and repayment of domestic and external debts.
The $1 billion loan will be used for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port, aiming to improve port efficiency and align Nigeria’s port facilities with global best practices.
Nigeria’s total public debt currently stands at $110.3 billion, equivalent to about N159.2 trillion as of December 31, 2025.
The loan will be drawn in phases to minimize pressure on the country’s debt stock and servicing obligations.
