The loan, which will be obtained from Abu Dhabi Bank, is to be used for budget deficit and debt financing, among others.
President Bola Tinubu has written to the Nigerian Senate requesting approval to secure a $5 billion loan.
The letter was read out to the lawmakers by Senator Godswill Akpabio during plenary on Tuesday.
The loan, which will be obtained from Abu Dhabi Bank, is to be used for budget deficit and debt financing, among others.
In another letter to the Senate, Tinubu is seeking approval to borrow $1 billion UK/EF loan facility from London Citi Bank for the rehabilitation of port projects, including Lagos Port complex and Tin Can port.
Akpabio referred the letters to the Senator Aliyu Wammakko-led Senate Committee on Local and Foreign Debts to carry out legislative actions on the request and report back immediately.
