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Nigeria: National Assembly Approves Tinubu's Fresh $6bn Loan Request
The approval includes a $5 billion UAE facility and a $1 billion London-arranged loan, with 14-year repayment terms and naira securities as collateral.
- On Tuesday, President Bola Ahmed Tinubu wrote the Senate seeking approval for a $5 billion loan from the First Abu Dhabi Bank in the United Arab Emirates, with Naira-denominated securities as collateral.
- Nigeria's public debt would rise from $110.3 billion to $115.3 billion if approved, compounding pressures from ongoing 2026 budget implementation and the extended 2025 capital budget through June 30.
- Tinubu specified the loan carries a 14-year repayment tenure with a 48-month availability period. Separately, he requested $1 billion for rehabilitating the Lagos Port Complex and Tin through Citibank London and UK Export Finance.
- Executive Director Umar Yakubu of the Centre for Fiscal Transparency and Public Integrity warned that borrowing without adequate scrutiny could be detrimental to Nigeria's economy, noting growing reliance on external debt for budget support.
- International Monetary Fund concerns over debt vulnerabilities among Low-Income Countries intensified as Nigeria's debt-to-GDP ratio is projected at 34.68 percent by end-2026, amid significant increases in domestic borrowing.
21 Articles
21 Articles
Nigeria: National Assembly Approves Tinubu's Fresh $6bn Loan Request
President Tinubu had told the lawmakers that the funds from the UAE and the Uk would be deployed toward budget implementation, critical infrastructure development, and refinancing of existing high-cost domestic and external debts.
Tinubu Moves For New Loans, Debt To Hit N195trn
By Hussein Yahaya, Itodo Daniel Sule & Philip Shimnom Clement (Abuja) & Abdullateef Aliyu (Lagos) A request yesterday by President Bola Ahmed Tinubu to the National Assembly seeking over $6 billion foreign loans will push Nigeria’s debt stock to over N195 trillion, Daily Trust reports. This is just as the International Monetary Fund (IMF) expressed concerns over high debt vulnerabilities among low income countries. The president, in two separa…
Atiku slams Tinubu, senate over “Reckless” $6bn loan approval in under four hours
Former Vice President and African Democratic Congress (ADC) chieftain, Atiku Abubakar, has criticized the Presidency and the National Assembly over the rapid approval of a fresh $6 billion external loan.
Tinubu seeks senate approval for $6bn borrowing to fund budget, ports - NewsTmes.com.ng
President Bola Ahmed Tinubu has formally requested the Senate’s approval to secure external loans totalling $6 billion to support budget financing and key infrastructure projects. In a letter addressed to Godswill Akpabio, the President of the Senate and read during plenary on Tuesday, the President sought approval to obtain a $5 billion loan from Abu … The post Tinubu seeks senate approval for $6bn borrowing to fund budget, ports appeared first…
$6bn in 4hours: Atiku Slams Tinubu, Senate
PRESS STATEMENT Former Vice President and chieftain of the African Democratic Congress, Atiku Abubakar has expressed deep concern over reports that the Senate approved President Bola Ahmed Tinubu’s request for a fresh $6 billion external loan within a record time—reportedly less than four hours after its presentation. Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, described the development as…
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