JUST-IN: Senate Approves President Tinubu’s $6bn Loan Request in less than 4 hours

The Nigerian Senate has approved President Bola Tinubu’s request for external loans totaling $6 billion.

The approval came swiftly, just three and a half hours after Senate President Godswill Akpabio read the letters from the president during plenary.

The loans were considered following the report presented by Senator Aliyu Wamakko, APC, Sokoto North, Chairman of the Senate Committee on Local and Foreign Debts.

President Tinubu had submitted two separate letters seeking legislative approval. The first requested authorization to establish a structured total return swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank, UAE.

According to the president, the facility would be disbursed to Nigeria in tranches and used for budget implementation, priority infrastructure projects, repayment of domestic and external debts, and meeting urgent federal financial obligations.