President Bola Ahmed Tinubu has asked the Nigerian Senate to approve external loans totaling $6 billion to support government financing and infrastructure development.
The request was conveyed in two separate letters addressed to Godswill Akpabio, President of the Senate, and read during Tuesday’s plenary session.
In the first letter, Tinubu sought approval to secure a $5 billion loan from First Abu Dhabi Bank. According to the President, the facility will help Nigeria cover its budget deficit and meet key debt financing obligations.
In a second request, Tinubu asked the Senate to approve a $1 billion loan facility from Citibank, headquartered in London. The funds will be used to rehabilitate major port infrastructure projects.
The projects include upgrades at the Lagos Port Complex and the Tin Can Island Port.
Tinubu explained that the port upgrade initiative aims to address infrastructure gaps and improve the efficiency of port operations. He added that the project would also strengthen safety standards, boost non-oil trade, and position Nigeria as a stronger regional trade hub.
Following the presentation of the requests, Akpabio referred the letters to the Senate Committee on Local and Foreign Debts for further legislative review. The committee is chaired by Aliyu Magatakarda Wamakko.
The panel is expected to examine the requests and report back to the Senate for prompt consideration.
