The Nigerian Senate on Tuesday rubber-stamped President Bola Tinubu’s request to borrow $6 billion in foreign loans, approving both requests on the same day they were tabled before lawmakers.
Senate President Godswill Akpabio read out the loan request letters during plenary, after which the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, presented its report. The full chamber then moved swiftly to approve both facilities.
The borrowing is structured across two separate loan arrangements. The larger of the two — a $5 billion facility from Abu Dhabi Bank — is earmarked to plug the country’s budget deficit and meet broader debt financing obligations. The federal government described it as part of ongoing efforts to stabilise public finances and keep government programmes running.
The second facility, a $1 billion loan from London Citi Bank backed by UK Export Finance, is designated for the rehabilitation of two major port facilities: the Lagos Port Complex and Tin Can Island Port. Tinubu said the project would tackle longstanding infrastructure gaps in Nigeria’s maritime sector, improve operational efficiency, and raise safety standards.
Beyond the immediate infrastructure goals, the presidency framed the port rehabilitation as a strategic economic move — one that would support Nigeria’s push to reduce its dependence on oil revenues and cement its standing as a leading trade hub in the West African region.
Both loan requests have now received full approval from the upper legislative chamber.
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