The Senate has approved President Bola Tinubu’s request to secure $6 billion in fresh external loans to address fiscal shortfalls and fund critical infrastructure projects.
The approval followed a report from Senator Aliyu Wamakko, chairman of the Senate Committee on Local and Foreign Debts, and came just hours after Tinubu formally wrote to the Senate seeking legislative backing for the facilities.
In his letters, the President sought $5 billion from Abu Dhabi Bank to support budget deficit financing and debt obligations, alongside a $1 billion facility from UK Export Finance via Citibank to rehabilitate key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
Tinubu emphasized that the projects aim to resolve operational bottlenecks, enhance efficiency, strengthen safety standards, promote non-oil trade, and position Nigeria as a stronger regional trade hub.
Following the reading of the requests, Senate President Godswill Akpabio referred both letters to the Committee on Local and Foreign Debts, directing the panel to expedite consideration—a process that culminated in Tuesday’s approval.
