Dare Babalola
Nigeria’s National Assembly has approved President Bola Tinubu’s request to secure $6 billion in external loans, marking a significant step in the administration’s financing strategy.
The approval followed swift legislative action, with the Senate granting its nod shortly after receiving the president’s request seeking authorisation for the facilities.
The borrowing plan is expected to support key infrastructure projects and help address fiscal shortfalls in the country’s budget.
Tinubu had earlier written to the National Assembly, seeking approval for two separate loan facilities to be sourced from the United Arab Emirates and the United Kingdom as part of broader efforts to fund priority sectors of the economy.
The request was subsequently referred to the appropriate legislative committee on debts before being considered and approved during plenary.
The development underscores the federal government’s continued reliance on external financing to bridge budget gaps and drive economic programmes, particularly amid ongoing fiscal pressures.
