President Bola Tinubu recently sent a letter to the Nigerian Senate, seeking approval for a total of $6 billion in external loans. The request, comprising two distinct facilities, was read out to lawmakers by Senate President Godswill Akpabio during a plenary session. The first loan, amounting to $5 billion, is to be obtained from First Abu Dhabi Bank of the United Arab Emirates as part of a structured total return swap (TRS) external financing programme. This tranche is designated for budget deficit, debt financing, general budget implementation, development of priority infrastructure projects, and the repayment of relatively expensive domestic and external debts. The second request involves a $1 billion UK Export Finance loan facility, arranged by Citibank, London branch, specifically earmarked for the crucial reconstruction and rehabilitation of significant port projects, including the Lagos Port Complex and Tin Can Island Port.

The Nigerian National Assembly, encompassing both the Senate and the House of Representatives, granted approval for these external loans with remarkable speed. The Senate's approval came barely four hours after President Tinubu's letters were initially read. The legislative action followed the presentation and consideration of a report by the Senator Aliyu Wamakko-led Senate Committee on Local and Foreign Debts, to which the requests had been referred for immediate legislative action. Similarly, the House of Representatives, after referring the letters to its Committee on Aids, Loans and Debt Management, swiftly considered and approved the President's request, underscoring a bipartisan consensus on the urgency of the matter.

While the stated objectives for the borrowing include crucial infrastructure development and fiscal management, the approval will inevitably increase Nigeria's public debt stock, which stood at $110.3 billion (approximately N159.2 trillion) as of December 31, 2025. The government's justification for the $5 billion facility explicitly mentions its use in servicing existing debts and plugging budget gaps, alongside financing new projects. The $1 billion for port rehabilitation is intended to modernize critical trade infrastructure, which is vital for the nation's economy.

However, the rapid approval has drawn sharp criticism from former Vice President and chieftain of the African Democratic Congress, Atiku Abubakar. In a statement released through his spokesperson, Phrank Shaibu, Atiku described the development as not merely troubling but alarming. He argued that a decision of such profound national consequence, one that will further burden an already strained economy and mortgage the future of generations, should not be treated with such