President Bola Tinubu has requested the Senate’s approval to secure external loans totaling $6 billion to support government financing needs.
The request was conveyed in two separate letters addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary.
In the first letter, the president sought approval to obtain a $5 billion loan from Abu Dhabi Bank to help cover the country’s budget deficit and support debt financing obligations.
In a separate request, Tinubu asked the Senate to approve a $1 billion loan facility from London-based Citibank to fund the rehabilitation of key port infrastructure projects, including the Lagos Port Complex and the Tin Can Island Port.
According to the president, the port development project will address current infrastructure gaps, improve operational efficiency, raise safety standards, promote non-oil trade, and position Nigeria as a stronger regional trading hub.
After presenting the demands, Akpabio forwarded the letters to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for legislative assessment and swift consideration.
