The House of Representatives on Tuesday granted President Bola Tinubu approval to secure a $516.3 million external loan facility.
The loan will be sourced through syndicated financing coordinated by Deutsche Bank AG. A syndicated arrangement means several lenders will participate under the bank’s lead.
The decision came during plenary in Abuja. Lawmakers voted in favor of the request after considering a report from the House Committee on Aids, Loans, and Debt Management. 
Deputy Chairman of the committee, Abdullahi Rasheed, presented the report to the House. It detailed the loan’s purpose, financing structure, and compliance with Nigeria’s debt management laws.
The report also addressed concerns raised about repayment obligations. Members deliberated on the terms before moving to adopt the committee’s recommendations.
The House ultimately backed the request without major opposition. The adoption signals legislative support for the external borrowing plan.
The approved amount is $516,333,007 exactly. Under the syndicated loan structure, Deutsche Bank AG will coordinate contributions from multiple participating lenders.
While a full public breakdown of the funded projects is still pending, the facility is believed to be tied to critical national development needs.
