€650 million TRS operation: Takku Wallu secures a parliamentary inquiry

The National Assembly gave its approval on Thursday, during a plenary session, to the creation of a parliamentary commission of inquiry into the €650 million financial transaction carried out by the State of Senegal through a Total Return Swap (TRS) mechanism . The proposed resolution, tabled on May 8, 2026, by the Takku Wallu Sénégal parliamentary group , and signed by its president, Aïssata Tall, was adopted by 129 votes out of 129 members present , while the Assembly has 165 registered members. This decision comes in the wake of revelations reported by the Financial Times concerning a fundraising effort undertaken by Senegal with First Abu Dhabi Bank (FAB) and Africa Finance Corporation (AFC) .

A financial transaction that raises questions

At the heart of the controversy is a transaction carried out since June 2025 through an asset income transfer mechanism, the details of which, according to the authors of the proposal, were not sufficiently disclosed to the National Assembly. The Takku Wallu Sénégal group criticizes the government for failing to communicate about this transaction during the Finance Minister's appearances before the National Assembly during budget review sessions. The resolution's initiators argue that a transaction involving such a significant sum should have been subject to more thorough parliamentary oversight and disclosure.

The spectrum of guarantees and natural resources

Another question raised by the members of parliament concerns the guarantees associated with this transaction. The Takku Wallu Senegal group specifically wants to determine whether state assets or future revenues linked to the country's natural resources, particularly hydrocarbons, could have served as collateral or security to secure the financing. This is a particularly sensitive issue in a context where Senegal is seeking to preserve its borrowing capacity and maintain the confidence of its international financial partners. The committee will also have to examine the exact terms of the financial arrangement, including interest rates, any discounts, and the various contractual obligations to which the state may have subscribed.

An investigation into the consequences for the debt

Beyond the technical aspects of the TRS (Transfer Reduction Scheme), the members of parliament want to assess the operation's impact on public finances. The committee will notably have to determine whether this mechanism has affected public debt, its sustainability, and Senegal's relationships with its main creditors and financial partners. The initiators of the proposal also question the level of information available to international donors and partners at the time the operation was concluded. In the context of negotiations with the International Monetary Fund, these questions take on particular significance.

Eleven MPs to investigate

The parliamentary inquiry committee will be composed of eleven members of parliament , appointed in proportion to the representation of the various parliamentary groups. Its mission will be to reconstruct the process that led to the conclusion of the transaction, to examine the contractual and financial documents, and to determine any potential liabilities. The members of parliament will notably have to answer several questions: What were the exact terms of the TRS (Tax-Related Subsidy)? What guarantees were provided? What assets or revenues were mobilized? And what consequences could this transaction have on public finances?

Hearings at the heart of the investigation

Several public officials and private actors involved in the financing arrangement could be heard. The proposal notably includes hearings with the Minister of Economy and Finance, the Director General of Public Accounting and the Treasury, the Treasurer General, and the Director General in charge of Debt Financing. The coordinator of the National Public Debt Committee is also among those likely to be questioned. The commission may also hear from law firms, consultants, intermediaries, and arrangers who participated in structuring the agreement.

A new battle over financial transparency

With the adoption of the resolution by 129 votes out of 129 , Parliament has opened a new front in its oversight of public finance management. For Takku Wallu Sénégal, the objective is to shed light on the uncertainties surrounding a €650 million transaction and to determine whether the State's financial interests were adequately protected. The investigation must now move from questions to facts by examining the contracts, guarantees, financial terms, and potential implications for the public debt. Beyond the political battle, this commission could above all constitute an important test for the transparency of the State's financial operations. With 165 registered members but only 129 voting this Thursday , the National Assembly nevertheless unanimously decided to scrutinize a financial transaction whose implications could extend far beyond the €650 million figure alone.