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The Senate has approved President Tinubu’s $6 billion loan request—a whopping ₦8.4 trillion at the current exchange rate of ₦1,400 per dollar. The approval came within four hours of the President’s letter being read on the floor.
In a swift legislative session on Tuesday, the Nigerian Senate granted approval for President Bola Tinubu to secure external loans totaling $6 billion —a staggering ₦8.4 trillion at the current exchange rate of ₦1,400 per dollar.
The approval came barely four hours after Senate President Godswill Akpabio read the President’s letter requesting the red chamber’s nod.
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How It Happened
The Senate moved swiftly after receiving two separate letters from President Tinubu during plenary on Tuesday. Following the presentation, the Senate referred the request to the Senator Aliyu Wamakko-led Committee on Local and Foreign Debts, which submitted its report for consideration.
After deliberations, the upper chamber approved the loan package without delay.
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Breakdown of the $6bn Loan Package
| Facility | Amount (USD) | Amount (₦) at ₦1,400/$ |
|---|---|---|
| First Abu Dhabi Bank TRS Facility | $5 billion | ₦7 trillion |
| UK Export Finance Loan (Citibank, London) | $1 billion | ₦1.4 trillion |
| TOTAL | $6 billion | ₦8.4 trillion |
What the Loans Are For
In the first letter, President Tinubu requested approval to establish a structured total return swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank of the United Arab Emirates.
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In the second letter, the President sought approval for a $1 billion UK export finance loan facility arranged by Citibank, London branch. According to the President, this $1 billion loan (₦1.4 trillion) will be deployed for:
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Reconstruction of the Lagos Port Complex
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Rehabilitation of Tin Can Island Port
These port projects are expected to enhance Nigeria’s maritime infrastructure, boost trade efficiency, and generate economic activity.
Quick Facts for Nigerian Readers
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Total loan approved: $6 billion
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Naira equivalent: ₦8.4 trillion
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Exchange rate used: ₦1,400 per dollar
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Approval timeline: Within 4 hours of Senate reading
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Key beneficiaries: Lagos Port Complex, Tin Can Island Port
What This Means
The swift approval signals the Senate’s alignment with the President’s economic agenda, particularly in infrastructure development. However, the approval also reignites conversations about Nigeria’s growing debt profile, with stakeholders questioning the sustainability of continued borrowing.
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As at the time of filing this report, the Presidency has not issued an official statement beyond the Senate approval.
Stay with Ejes Gist News for updates on this developing story.
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