Nigeria’s President, Bola Tinubu, has asked the National Assembly to approve external borrowing totalling six billion dollars to support government spending and infrastructure projects.
The request was conveyed in two separate letters addressed to Senate President Godswill Akpabio and presented during plenary on Tuesday.
In one of the letters, the president sought approval for a financing arrangement of up to five billion dollars from First Abu Dhabi Bank in the United Arab Emirates. He said the funds would be released in stages to support budget implementation and manage the country’s financial needs.
“The purpose of this letter is to request for the approval… to establish a structured total return swap (TRS) derivative external financing programme… of up to $5 billion,” the letter stated.
President Tinubu explained that the funds would be used for key infrastructure projects and to repay existing debts. “The proceeds would be used for budget implementation, development of priority infrastructure projects, and repayment of relatively expensive domestic and external debts,” he said.
He acknowledged that the borrowing would increase Nigeria’s overall debt but noted that it would be drawn in phases to reduce pressure on repayments. According to the president, Nigeria’s public debt stood at about 110.3 billion dollars as of the end of 2025.
In a separate request, the president also sought approval for a one billion dollar loan facility arranged through a UK-based financial institution to support the rehabilitation of major ports in Lagos.
“The rehabilitation of the ports project is a strategic modernisation initiative… to restore and upgrade two of Nigeria’s most vital ports,” the letter said, referring to the Lagos Port Complex and Tin Can Island Port.
The government said the project is aimed at improving efficiency, safety, and aligning Nigeria’s port infrastructure with global standards, while also strengthening the country’s position in international trade.
The Senate President has referred both requests to the relevant committee for further consideration.
