Nigeria, April 1 -- The House of Representatives has approved a $6 billion external borrowing request submitted by Bola Tinubu, clearing the way for the federal government to access financing from lenders in the United Arab Emirates and the United Kingdom.

The request, contained in two separate letters addressed to the Speaker, Abbas Tajudeen, was read during plenary on Tuesday.

In the first communication, Mr Tinubu sought legislative approval to establish a structured Total Return Swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank.

The facility, according to the president, will be disbursed in tranches to support the federal government's financing needs.

He explained that the request was made in lin...