President Bola Ahmed Tinubu has formally approached the Senate for approval to secure fresh external loans totalling $6 billion, targeting budget support and critical infrastructure upgrades.
In a letter addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary, the President requested authorisation to obtain a $5 billion facility from Abu Dhabi Bank to finance budget deficits and related obligations.
In a separate correspondence, Tinubu also sought approval for a $1 billion UK Export Finance-backed loan from Citi Bank in London, aimed at rehabilitating key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
Outlining the rationale for the facility, the President stated that the project is designed to “address critical deficiencies, improve efficiency, improve safety standards, support non-oil trade diversification and position Nigeria as a trade hub.”
Following the presentation, Akpabio referred both requests to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, for expedited legislative consideration and report back.
