Tinubu Seeks $5 Billion Loan from UAE: What It Means for Nigeria’s Economy
President Bola Ahmed Tinubu has formally requested the National Assembly’s approval to secure a $5 billion external loan from First Abu Dhabi Bank of the United Arab Emirates. The request is part of a larger $6 billion external borrowing plan that also includes a $1 billion UK-backed facility for port rehabilitation. The Senate has already approved the loans after receiving Tinubu’s letters during plenary. Tinubu asked the Senate to approve a “structured Total Return Swap (TRS) derivative external financing programme of up to $5 billion” with First Abu Dhabi Bank. He told lawmakers the facility will be disbursed in tranches and will be backed by naira-denominated federal government securities as collateral. The President requested “urgent approval” for the deal. According to the President, if fully drawn, the $5 billion facility would raise Nigeria’s total public debt from $110.3 billion to $115.3 billion. As of 31 December 2025, Nigeria’s public debt stood at about $1...