President Bola Tinubu wrote to the Senate on Tuesday and sought approval to borrow $5 billion. He addressed the letter to Senate President Godswill Akpabio. Senate officials read the letter during plenary session that day.
Tinubu explained that the government planned to obtain the loan from Abu Dhabi Bank. He stated that the funds would cover the country’s budget deficit. The President added that the borrowing would support ongoing debt financing obligations.
Reports indicated that Tinubu sent two separate letters to Akpabio. In addition to the $5 billion request, one letter sought approval for further loans that brought the total external borrowing request to around $6 billion. Officials said part of the additional funds targeted critical infrastructure projects, including port upgrades.
Tinubu emphasized that the borrowing aligned with efforts to address fiscal challenges. He noted that the loan would help the government meet its financing needs without providing further specifics in the letter.
The Senate received the communication during its Tuesday plenary. Lawmakers did not take immediate action on the request. Senate leaders scheduled discussions on the proposal for future sessions.
This development came as the Nigerian government continued to manage revenue shortfalls and rising debt obligations. President Tinubu had previously submitted similar borrowing requests to the National Assembly in past years.
In earlier communications, Tinubu requested various external loans to fund infrastructure, agriculture, health, education, and security projects. The Senate approved several of those requests after review. Officials stressed that all borrowings required legislative consent under constitutional provisions.
The latest request followed reports of budget deficits in the 2026 fiscal framework. Government sources said external financing remained a key tool to bridge funding gaps while domestic revenue efforts continued.
The Senate is expected to scrutinize the terms of the proposed Abu Dhabi Bank loan, including interest rates, repayment schedules, and intended project allocations, before any decision.
