Nigerian House of Reps $5bn UAE Loan and Port Deal – March 2026
On March 31, 2026, the Nigerian House of Representatives had two major debt and financing items on its agenda, both handled by the Committee on Aids, Loans and Debt Management. The items involved a $5 billion financing arrangement with a UAE bank and a $1 billion loan for rehabilitating Lagos ports. Both transactions, if approved, would add to Nigeria's external debt obligations.
The House of Representatives sat on Tuesday, March 31, 2026, with its supplementary order paper focused entirely on two significant external borrowing requests brought forward by the Committee on Aids, Loans and Debt Management, chaired by Hon. Abubakar Hassan Nalaraba.
First, lawmakers were set to receive and consider a committee report on a proposed $5 billion 'Total Return Swap' external financing programme with First Abu Dhabi Bank (FAB) of the UAE. Under the arrangement, the Federal Government would issue Naira-denominated securities as collateral — up to 133.3% of the amount drawn — and could be required to make additional cash payments in USD if the value of those securities falls due to market or exchange rate movements. The funds were earmarked for budget implementation, infrastructure projects, and repaying existing domestic and foreign debts, to be drawn in tranches.
Second, the House was to consider approving a $1,000,945,693.55 loan facility covered by UK Export Finance (UKEF) and arranged by Citibank, London, for the rehabilitation and reconstruction of the Lagos Port Complex and Tin-Can Island Port Complex in Lagos.
