The House of Representatives on Tuesday approved President Bola Tinubu’s request to secure a syndicated loan of $516,333,007 from Deutsche Bank AG, marking another step in the administration’s external financing plan for 2026.
The approval was granted during plenary in Abuja, following the presentation and adoption of a report by the House Committee on Aids, Loans, and Debt Management. The report was laid before the chamber by the Deputy Chairman of the Committee, Hon. Abdullahi Rasheed.
According to the details presented, the facility totaling five hundred and sixteen million, three hundred and thirty-three thousand, and seven US dollars will be obtained through a syndicated financing arrangement with Deutsche Bank AG. While the specific projects tied to the loan were not extensively debated on the floor, the request forms part of the broader external borrowing plan submitted by the Presidency to support critical sectors of the economy and bridge funding gaps in the 2026 budget.
In his presentation, Hon. Rasheed noted that the Committee had scrutinized the terms of the facility and recommended approval, citing the need to sustain ongoing infrastructure and development priorities. The House subsequently adopted the Committee’s recommendations without significant opposition.
The approval comes amid ongoing public discourse around Nigeria’s debt profile and the sustainability of new external loans. The Tinubu administration has consistently maintained that its borrowing is targeted, concessionary where possible, and channeled into projects with direct economic impact.
Lawmakers who spoke after the session emphasized that oversight mechanisms would be strengthened to ensure transparent utilization of the funds once disbursed. The Committee on Aids, Loans, and Debt Management is expected to monitor disbursement and implementation in line with its mandate.
With the House approval secured, the request will proceed to the Senate for concurrence in line with constitutional requirements for external borrowing. If approved by both chambers, the Federal Ministry of Finance will finalize the agreement with Deutsche Bank AG.
The Presidency has yet to issue a formal statement on the specific allocation of the $516 million facility, but officials indicate that details will be released once the financing process is concluded.
This approval brings the total value of external loans considered by the National Assembly in the current legislative cycle to over $2 billion, as the government seeks to fund infrastructure, social investment, and economic stabilization programmes.
