Nigeria’s Senate has approved a $6 billion external loan request submitted by President Bola Ahmed Tinubu, in a move that underscores the urgency surrounding the borrowing plan.
The request received legislative backing just hours after it was presented during plenary by Senate President Godswill Akpabio.
The approved loan package features a $5 billion facility from First Abu Dhabi Bank, to be released in phases, along with additional funding arrangements intended to support government expenditure.
According to the presidency, the funds will be channelled toward budget execution, infrastructure projects, and servicing existing debts as the country works to stabilise its economy.
However, the decision is likely to reignite concerns over Nigeria’s growing debt burden, which has surpassed $110 billion.
