President Bola Tinubu has formally written to the Nigerian Senate requesting approval to secure loans totaling $6 billion from international lenders to support budgetary and infrastructure needs.
In a letter addressed to Senate President Godswill Akpabio, read during Tuesday’s plenary session, Tinubu outlined a plan to borrow $5 billion from Abu Dhabi Bank to cover budget deficits, debt servicing, and other fiscal requirements.
Separately, the President is seeking approval for a $1 billion UK/EF loan facility from London Citi Bank, earmarked for the rehabilitation of Nigeria’s major port projects, including the Lagos Port Complex and Tin Can Port.
According to Tinubu, the port project aims to address infrastructure deficiencies, enhance operational efficiency, improve safety standards, support non-oil trade diversification, and strengthen Nigeria’s position as a regional trade hub.
Following the reading of the letters, Senate President Akpabio referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wammakko, for legislative review and prompt reporting back to the chamber.
The loans, if approved, are expected to provide critical support for Nigeria’s economic growth and infrastructure development in the coming years.
