Tinubu Seeks Senate Approval for $6bn External Borrowing

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Official Update

Mar 31, 2026 Updated Jul 14, 2026 1 min read 21 views 2 shares

President Bola Tinubu has asked the Senate to approve external borrowing totalling $6 billion to support government financing needs and critical infrastructure projects. The request was contained in two separate letters addressed to Senate President Godswill Akpabio and read during plenary on Tuesday, March 31, 2026.

In the first request, the President sought approval for a $5 billion loan facility from Abu Dhabi Bank to help cover the country’s budget deficit and support debt financing obligations.

In the second letter, Tinubu requested Senate approval for a $1 billion loan from London-based Citibank to fund the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.

The loan requests come as the administration continues efforts to finance major national obligations and improve strategic infrastructure considered important to trade and economic activity. Senate consideration of the requests is expected to determine the next step in the proposed borrowing plan. This final sentence is a straightforward inference from the fact that the requests were formally submitted to the Senate for approval.