Nigeria’s Senate has approved President Bola Ahmed Tinubu’s request to secure $6 billion in external loans, marking a swift legislative decision on the controversial borrowing plan.
The approval came just hours after the request was presented during plenary by Senate President Godswill Akpabio, highlighting the urgency attached to the proposal.
The loan package includes a $5 billion facility from First Abu Dhabi Bank, structured to be disbursed in tranches, alongside other financing arrangements aimed at supporting government spending.
According to the presidency, the funds will be used for budget implementation, infrastructure development, and repayment of existing debts, as Nigeria seeks to stabilise its economy.
The development is expected to spark fresh debate over Nigeria’s rising debt profile, which currently stands at over $110 billion.
