Nigeria’s Senate has approved President Bola Tinubu’s request to secure external loans totaling $6 billion, just three and a half hours after the request was presented.
The loans include a $5 billion structured total return swap (TRS) external financing programme with First Abu Dhabi Bank of the United Arab Emirates and a $1 billion loan facility from the United Kingdom’s export finance system, arranged through Citibank’s London branch.
The funds will be used for budget implementation, infrastructure development, and debt repayment.
Nigeria’s total public debt currently stands at $110.3 billion, equivalent to about N159.2 trillion as of December 31, 2025.
