GlobalFeatured
6.9
Nigeria approves $6B loan from UAE, UK for infrastructure and debt refinancing
Nigeria's National Assembly has approved President Tinubu's $6 billion external loan request, with funding from the UAE and UK designated for budget implementation, infrastructure, and refinancing high-cost domestic/external debt. The approval occurs concurrent with a 2026 budget revision to 68.30 trillion naira ($49.38 billion), representing upward adjustment from December 2025 submission. The move reflects Nigeria's continued reliance on external financing amid fiscal pressures and existing debt servicing burdens.