Senegal's National Assembly unanimously ratified the creation of six parliamentary inquiry commissions on August 20, 2026. One of these, proposed by the Takku Wallu Sénégal parliamentary group and supported by PASTEF-Les Patriotes, will investigate the government's use of "Total Return Swap – TRS" financial mechanisms. The resolution passed with 129 votes for, zero against, and zero abstentions, during a session presided over by National Assembly President Ousmane Sonko and attended by Minister Bakary Sarr.
The commission's primary focus will be a €650 million TRS contract signed with First Abu Dhabi Bank (FAB) and Africa Finance Corporation (AFC), reportedly in June 2025. The inquiry aims to determine the conditions of the operation, including interest rates, potential guarantees involving state assets or natural resources, and its impact on public debt. Parliamentarians are particularly concerned about the lack of explicit presentation of this financing to the National Assembly.
Key figures to be audited include the Minister of Economy and Finance, the Director General of Public Accounting and the Treasury, the Treasurer General, the Director General of Finance and Debt, and the Coordinator of the National Public Debt Committee. Advisors, intermediaries, and other entities involved in arranging the deal may also be called to testify. The commission, comprising 11 members proportional to parliamentary groups, will also assess the operation's potential consequences for Senegal's relations with technical and financial partners, especially given ongoing discussions with the International Monetary Fund.
The initiative to investigate the TRS operations stems from a publication in the Financial Times on March 23, 2026, which revealed the existence of the financial arrangement. Takku Wallu Sénégal and PASTEF are pressing for transparency regarding how these mechanisms were used to manage debt repayments and avoid default, and to clarify whether revenues from hydrocarbon resources were used as collateral.
