President Bola Ahmed Tinubu has formally approached the Nigerian Senate requesting approval for new external loans totaling ₦9 trillion to support the nation’s 2026 budget and key infrastructure projects.
In a letter addressed to Senate President Godswill Akpabio, President Tinubu outlined proposals for fresh borrowing, including a $5 billion facility from Abu Dhabi Bank to fund budget deficits and debt obligations, as well as a $1 billion UK-backed loan for the rehabilitation and modernization of major port infrastructures such as Lagos Port Complex and Tin Can Island Port.
The letters were read during Tuesday’s plenary session, after which Senate President Akpabio referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for detailed review and recommendations.
The move underscores the federal government’s efforts to bridge budgetary shortfalls and advance critical infrastructure projects. Economists, however, continue to monitor the implications of rising national debt levels, emphasizing careful management to avoid fiscal stress.
