BREAKING: Nigeria Approves $6B Foreign Loans to Bolster Budget, Upgrade Ports

The Nigerian Senate has swiftly approved President Bola Ahmed Tinubu’s request for $6 billion in external financing, a move aimed at shoring up the federal budget and fast-tracking critical infrastructure projects amid growing economic pressures.

The financing package includes a $5 billion structured total return swap with First Abu Dhabi Bank and a $1 billion loan arranged through Citibank London with support from UK Export Finance (UKEF).

Government officials say the bulk of the funds will address shortfalls in the federal budget and improve liquidity management, while the additional loan will finance the rehabilitation and modernization of Nigeria’s major ports, including the Lagos Port Complex and Tin Can Island Port key gateways for the country’s international trade.

Senate approval came rapidly after plenary sessions reviewing the president’s letters requesting legislative consent under Nigeria’s Debt Management Office Act.

Analysts say the swift legislative action reflects the government’s urgency in addressing fiscal pressures while signaling Nigeria’s intent to maintain robust engagement with international financial partners.

The loans are expected to bolster economic activity, increase trade efficiency, and enhance Nigeria’s competitiveness in the West African region, while also helping the government meet pressing budget obligations and infrastructure development goals.