The National Assembly has approved President Bola Tinubu’s request to borrow $6 billion from the United Arab Emirates, UAE and the United Kingdom, UK, respectively.
This followed the President’s request in two separate letters addressed to the Senate President Godswill Akpabio and the Speaker, House of Representatives Tajudeen Abbas and read during plenary on Tuesday.
The first letter asked for a $5 billion structured total return swap facility from First Abu Dhabi Bank of the UAE.
Tinubu cited sections 21(1) and 27(1) of the Debt Management Office Act, saying the facility would be drawn in tranches for budget funding, priority infrastructure and debt refinancing.
“The purpose of this letter is to request for the approval and resolution of the national assembly pursuant to the provisions of section 21(1) and 27(1) of the debt management office establishment act 2003 to establish a structured total return swap (TRS) derivative external financing programme from First Abu Dhabi Bank of the United Arab Emirates of up to $5 billion which will be made available to the Federal Republic of Nigeria in tranches,” the letter read.
Tinubu said the proposed borrowing would increase the country’s public debt stock, which currently stands at $110.3 billion, equivalent to about N159.2 trillion as of December 31, 2025.
He informed that the borrowing would lift Nigeria’s public debt from $110.3 billion as of December 2025.
The second letter requested a $1 billion UK Export Finance loan arranged by Citibank London.
Proceeds, Tinubu said, would be used to rehabilitate Lagos Port Complex and Tin Can Island Port.
The letters were forwarded to the Senate Committee on Local and Foreign Loans and the House Committee on Aids, Loans and Debt Management for further legislative action.
Chairmen of the committees, Senator Aliyu Wamakko and Hon. Abubakar Nalaraba later presented the reports separately in both chambers, after which they were considered in the Committee of the Whole and consequently granted approval.
