President Bola Tinubu has formally approached the Nigerian Senate for approval to secure external loans totaling $6 billion, aimed at addressing fiscal gaps and upgrading critical infrastructure.
In a letter addressed to Senate President Godswill Akpabio and read during plenary on Tuesday, the President requested authorisation to obtain a $5 billion facility from Abu Dhabi Bank. The funds are expected to support budget deficit financing and other debt obligations.
In a separate request, Tinubu also sought approval for a $1 billion UK Export Finance-backed loan from Citi Bank London. The facility is earmarked for the rehabilitation and modernisation of major port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
According to the President, the port upgrade project is designed to tackle longstanding operational deficiencies, enhance efficiency, improve safety standards, and boost Nigeria’s non-oil trade capacity. The initiative is also part of broader efforts to position the country as a competitive regional trade hub.
Following the presentation, Akpabio referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wammakko, for expedited legislative consideration and report.
ELIJAH ADEYEMI
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