President Bola Tinubu has approached the Senate for approval to secure external loans totaling $6 billion, in a bid to support government financing and critical infrastructure projects.
The request, contained in two separate letters addressed to Senate President Godswill Akpabio, was read during Tuesday’s plenary session.
In the first proposal, the President is seeking approval to obtain a $5 billion loan from Abu Dhabi Bank to help bridge the budget deficit and meet debt obligations.
In a second request, he asked lawmakers to approve a $1 billion facility from London-based Citibank, earmarked for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
According to the President, the proposed port upgrades are designed to close infrastructure gaps, improve efficiency, enhance safety standards, and boost non-oil trade, positioning Nigeria as a more competitive regional hub.
Following the presentation, Senate President Akpabio referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, for swift legislative consideration.
