Approval secured within hours as presidency targets infrastructure, budget support, and debt servicing

Nigeria’s Senate has approved President Bola Ahmed Tinubu’s request to secure $6 billion in external borrowing, fast-tracking a decision that is already stirring public debate over the nation’s mounting debt burden.

The approval was granted just hours after the proposal was formally presented on the Senate floor by Senate President Godswill Akpabio, underscoring the urgency the administration attached to the loan request.

Details of the package show that $5 billion will be sourced from First Abu Dhabi Bank, to be disbursed in phases, alongside additional financing arrangements designed to support key government expenditures.

The presidency said the funds are earmarked for budget implementation, critical infrastructure projects, and servicing existing debts, part of broader efforts to stabilise Nigeria’s economy amid fiscal pressures.

However, the move is expected to intensify scrutiny of Nigeria’s debt trajectory, with the country’s total public debt already exceeding $110 billion, raising questions about sustainability and long-term economic impact.