President Bola Tinubu has formally requested the Senate’s authorization to secure $6 billion external loans to address critical government financing needs and infrastructure shortfalls.
The request was contained in two separate letters read by Senate President Godswill Akpabio during Tuesday’s plenary session.
In the first request, the President sought approval for a $5 billion loan from Abu Dhabi Bank. These funds are intended to help cover the national budget deficit and manage the country’s debt financing obligations. In the second targeted request, the President asked for a $1 billion loan facility from Citibank, London.
This specific funding is earmarked for the rehabilitation of the Lagos Port Complex and the Tin Can Island Port.
According to the President, the port upgrades are essential to closing infrastructure gaps, improving operational efficiency, and enhancing safety standards. He emphasized that the project aims to stimulate non-oil trade and strengthen Nigeria’s position as a leading regional trade hub.
Following the reading of the letters, Senate President Akpabio referred both requests to the Senate Committee on Local and Foreign Debts for a detailed legislative review and prompt consideration.
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