President Bola Tinubu on Tuesday requested Nigerian Senate approval for $6 billion in fresh foreign loans from the United Arab Emirates and the United Kingdom, aiming to bolster budget execution and refinance costlier debts.
Senate President Godswill Akpabio read two separate letters from President Tinubu during plenary session.
The larger request targets up to $5 billion from First Abu Dhabi Bank, to be disbursed in tranches. Proceeds would fund priority infrastructure, support federal budget implementation and refinance pricier domestic and external borrowings, while covering urgent financial needs.
President Tinubu also sought permission to issue naira-denominated federal-government securities as collateral, alongside U.S. dollar payments for margining obligations. Details on the second, $1 billion loan from the U.K. were not specified in the request.
NewsQuest reports that the move is in line with Nigeria’s ongoing push to tap international financing amid fiscal pressures, including debt servicing and infrastructure gaps.
