Abuja, Nigeria — Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, has asked the Senate of Nigeria to approve external borrowing totalling $6 billion to support government financing and infrastructure development.
The request was formally transmitted in two separate letters addressed to Godswill Akpabio, President of the Senate, and read during plenary on Tuesday, March 31, 2026. Okay News reports that the proposed loans are intended to address fiscal gaps and upgrade key transport facilities considered critical to Nigeria’s trade operations.
In the first correspondence, President Tinubu sought legislative approval to secure a $5 billion loan from Abu Dhabi Bank. The funds, according to the President, would help finance the country’s budget deficit and support existing debt obligations. The government has increasingly relied on external financing to maintain spending on infrastructure and social services amid revenue constraints.
In a separate request, the Nigerian leader also asked lawmakers to approve a $1 billion facility from London based Citibank. The loan is earmarked for the rehabilitation of strategic port infrastructure, including the Lagos Port Complex and the Tin Can Island Port, both located in Lagos State in southwestern Nigeria. These ports handle a significant portion of Nigeria’s import and export cargo.
The President explained that upgrading the ports would address infrastructure gaps, improve operational efficiency, strengthen safety standards, and promote non oil trade. He also noted that modernising port facilities would help position Nigeria as a stronger regional trade hub in West Africa.
Following the presentation of the letters, Senate President Akpabio referred the requests to the Senate Committee on Local and Foreign Debts for legislative scrutiny. The committee is chaired by Aliyu Wamakko, a senator representing Sokoto State in northwestern Nigeria. The panel is expected to review the proposals and submit recommendations to the full Senate.
The decision on the borrowing plan will determine whether the federal government of Nigeria proceeds with the loans, which could influence the country’s fiscal outlook, infrastructure investment, and debt profile in the coming months.
