President Bola Tinubu has formally requested the approval of the Senate to secure external loans totaling $6 billion, in a move aimed at addressing Nigeria’s fiscal pressures and revitalising critical infrastructure.
The requests were conveyed in two separate letters addressed to Senate President Godswill Akpabio and read during plenary on Tuesday.
In the first correspondence, Tinubu sought legislative approval to obtain a $5 billion facility from Abu Dhabi Bank. The loan, according to the President, is intended to bridge the nation’s budget deficit and support ongoing debt financing obligations.
In a separate letter, the President requested approval for an additional $1 billion loan from London-based Citibank.
The funds are earmarked for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
Tinubu explained that the proposed upgrades are designed to address longstanding infrastructure deficits, improve operational efficiency, and enhance safety standards across the country’s port system. He added that the intervention would also promote non-oil exports 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 Senator Aliyu Wamakko, for further legislative scrutiny and expedited consideration.
