The Nigerian Senate has approved President Bola Tinubu’s request to borrow $6 billion from external sources, just three and a half hours after Senate President Godswill Akpabio read the president’s letters during Tuesday’s plenary session.

The loan package includes two facilities. The first is a $5 billion Structured Total Return Swap (TRS) arranged with First Abu Dhabi Bank, aimed at supporting the federal budget, funding priority projects, and refinancing existing debts. The second is a $1 billion facility backed by UK Export Finance and arranged through Citibank London, dedicated to the rehabilitation and modernization of the Lagos Port Complex and Tin Can Island Port.

Senators adopted the report of the Committee on Local and Foreign Debts before granting approval. The loans are intended to strengthen government finances, address infrastructure gaps, and enhance Nigeria’s trade capacity.

With Senate approval, the government can now finalize the arrangements and access the funds to implement the planned projects and budgetary priorities.