President Bola Ahmed Tinubu has approached the Senate for approval to secure new loans totaling $6 billion.
In a letter addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary, the President requested authorization to obtain a $5 billion facility from Abu Dhabi Bank to address budget shortfalls and support debt financing.
In a separate request, Tinubu also asked lawmakers to approve a $1 billion UK/EF credit facility from Citi Bank in London. The funds are earmarked for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
According to the President, the initiative aims to tackle existing infrastructure gaps, enhance operational efficiency, improve safety standards, boost non-oil trade, and strengthen Nigeria’s position as a 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 review and prompt reporting.