Nigeria’s Senate on Tuesday approved President Bola Ahmed Tinubu’s request to secure external loans totalling $6 billion, raising fresh concerns over the country’s rising debt burden.
The approval came with unusual speed—barely three and a half hours after the request was formally presented by Senate President Godswill Akpabio during plenary.
Lawmakers endorsed the borrowing following a report by the Senate Committee on Local and Foreign Debts chaired by Senator Aliyu Wamakko.
Tinubu’s request includes a $5 billion financing programme from First Abu Dhabi Bank structured as a Total Return Swap arrangement, as well as a separate $1 billion loan facility arranged through Citibank London to rehabilitate the Lagos Port Complex and Tin Can Island Port.
The president argued that the funds would help finance infrastructure projects, implement the federal budget and refinance more expensive debts.
However, critics say the speed of legislative approval raises questions about oversight at a time Nigeria’s public debt has already climbed to about $110.3 billion—roughly ₦159 trillion.
Many economists warn that while borrowing may fund infrastructure, Nigeria risks deepening its fiscal vulnerabilities if transparency and accountability do not match the pace of new loans.
