Senate Greenlights Tinubu’s $6bn External Loan Request
On March 31, the Senate approved President Tinubu’s request for a $6 billion external loan to fund key national priorities. The bulk of the financing is a $5 billion Total Return Swap facility from First Abu Dhabi Bank, to be released in tranches. An additional $1 billion export credit from the UK, arranged by Citibank, will go towards rebuilding the Lagos Port Complex and Tin Can Island Port. Lawmakers also cleared the use of Naira-denominated federal securities as collateral and agreed to settle margin obligations in US dollars. Earlier, the President had sought Senate approval to boost the 2026 budget by ₦9 trillion, raising it from ₦58.47 trillion to ₦67.47 trillion. Observers warn that Nigeria’s debt profile has climbed sharply under the current administration.
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