Just in: Tinubu requests Senate Approval for $6bn Loans

President Bola Ahmed Tinubu has formally approached the Senate, requesting approval to secure fresh external loans totaling $6 billion to support government financing needs and infrastructure development.

In a letter addressed to the President of the Senate, Godswill Akpabio, and read during Tuesday’s plenary session, the president sought approval to borrow $5 billion from Abu Dhabi Bank. The funds, according to the request, are intended to cover budget shortfalls and assist with ongoing debt obligations.

In a separate communication to the upper chamber, Tinubu also requested approval for an additional $1 billion loan facility from a UK-based arrangement involving London Citi Bank under an Export Finance (EF) structure. The proposed funding is earmarked for the rehabilitation and upgrade of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.

The president explained that the port projects are designed to tackle longstanding operational inefficiencies, enhance safety standards, and boost the country’s capacity for non-oil trade. He added that the upgrades would help position Nigeria as a competitive regional trade hub.

Following the presentation of the requests, Akpabio referred both letters to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, for further legislative review and prompt consideration.

The committee is expected to evaluate the proposals and report back to the Senate with recommendations.