President Bola Tinubu’s fresh request for $6 billion in external borrowing has been granted by the Nigerian Senate.
The approval comes just few hours after the Senate President, Godswill Akpabio, read the letter from the President, seeking the approval.
The loans were accepted by the National Assembly’s red chamber following the presentation and review of a report by the Committee on Local and Foreign Debts, which is led by Senator Aliyu Wamakko.
Recall that during Tuesday’s plenary, two different letters submitted to the Senate President included President Tinubu’s most recent loan request.
In the first letter, Tinubu requested First Abu Dhabi Bank of the United Arab Emirates for permission to set up a structured total return swap (TRS) external financing scheme worth up to $5 billion.
In the second letter, the President also requested that the Senate authorise a $1 billion UK export finance loan facility set up by the London branch of Citibank.
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He stated that the money would be utilised for Tin Can Island Port and the Lagos Port Complex’s renovation and reconstruction.
Atiku slams Tinubu, Senate over Approval
Reacting to the development, Former Vice President and chieftain of the African Democratic Congress, Atiku Abubakar, has expressed deep concern over President Bola Ahmed Tinubu’s request for a fresh $6 billion external loan and the senate’s approval within a record time, reportedly less than four hours after its presentation.
In a statement released on Tuesday by his spokesperson, Phrank Shaibu, Atiku called the situation disturbing as well as troubling.
“What Nigerians have witnessed is not legislative diligence, but a disturbing erosion of oversight responsibility,” he said.
He emphasised that the National Assembly is a constitutional protection intended to question, examine, and defend the interests of the Nigerian people rather than serving as a simple rubber stamp.
Additionally, Atiku cautioned that accepting a multibillion-dollar borrowing request in record fast without public review raises grave concerns about the legislature’s devotion to its constitutional role and due process.
“Resorting to fresh borrowing to service existing debts, plug budget gaps, and meet routine obligations is not a strategy—it is a dangerous cycle. It reflects a troubling absence of fiscal discipline, clear prioritization, and sustainable economic planning,” he said.
“Borrowing is not inherently wrong, but reckless borrowing, enabled by legislative complacency, is dangerous,” he said.
“Nigeria is not a private enterprise to be leveraged at will. The future of our nation cannot be signed away in a matter of hours,” he stated.
