President Bola Ahmed Tinubu has approached the Senate for approval to secure a total of $6 billion in external loans aimed at supporting key government priorities and addressing fiscal shortfalls.
The loan requests were conveyed in two separate letters sent to Senate President Godswill Akpabio and presented during Tuesday’s plenary session.
In the first correspondence, Tinubu sought approval for a $5 billion facility from Abu Dhabi Bank. The President explained that the funds would be used to bridge the budget deficit and support broader debt financing obligations as part of efforts to stabilise the nation’s finances and sustain ongoing government programmes.
In a second request, the President asked lawmakers to approve a $1 billion loan from UK Export Finance through London Citi Bank. He noted that the funds would be channelled into the rehabilitation of major port facilities, including the Lagos Port Complex and Tin Can Island Port.
According to Tinubu, upgrading the ports will tackle longstanding infrastructure challenges in the maritime sector, boost operational efficiency, and improve safety standards. He added that the project is also expected to support economic diversification and reinforce Nigeria’s standing as a key regional trade hub.
Following the presentation, Akpabio referred both requests to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, for further legislative consideration.
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