The Nigerian Senate has approved President Bola Ahmed Tinubu’s request to secure external loans totalling $6 billion, aimed at financing critical infrastructure and addressing fiscal shortfalls.

The approval followed the consideration of a report presented by the Chairman of the Senate Committee on Local and Foreign Debts, Aliyu Wamakko, during plenary presided over by Senate President Godswill Akpabio.

The request, transmitted to the Senate earlier in the day, outlined plans to obtain: $5 billion from Abu Dhabi Bank for budget deficit financing and servicing existing obligations, $1 billion from UK Export Finance, via Citibank London, for the rehabilitation of key port infrastructure.

According to the President, the port projects will focus on the Lagos Port Complex and Tin Can Island Port, targeting long-standing operational inefficiencies. The intervention is expected to enhance safety standards, improve cargo handling capacity, and support Nigeria’s non-oil export drive.

The Senate Committee, acting on Akpabio’s directive for expedited review, returned its findings within hours, paving the way for swift legislative approval.

This latest borrowing move underscores the Federal Government’s continued reliance on debt financing to bridge fiscal gaps. Earlier in the fiscal cycle, the National Assembly had approved a ₦1.15 trillion domestic borrowing plan to support the 2025 budget.

The 2025 Appropriation Act projects total expenditure at ₦59.99 trillion, reflecting a significant increase from the initial proposal and highlighting the scale of the deficit the government seeks to finance through a combination of domestic and external loans.

The development reinforces ongoing debates around Nigeria’s debt sustainability, even as the government argues that targeted borrowing remains necessary to fund infrastructure and stimulate economic growth.