The Nigerian Senate has approved President Bola Tinubu’s request to secure external loans totaling $6 billion.

The approval came just hours after Senate President Godswill Akpabio presented the President’s letter seeking legislative consent.

The upper chamber of the National Assembly granted the request following the review and adoption of a report by the Committee on Local and Foreign Debts, chaired by Aliyu Wamakko.

The loan request was outlined in two separate letters addressed to the Senate President and read during Tuesday’s plenary session.

In the first letter, President Tinubu sought approval to establish a structured total return swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank.

In the second, he requested authorization for a $1 billion UK export finance loan facility arranged by Citibank.

According to the President, the funds will be used for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.