JUST IN: Tinubu Writes Senate, Seeks Approval for $6bn Foreign Loan, Gives Reasons
President Bola Tinubu has formally requested the Senate’s approval to secure external loans totalling $6 billion to address Nigeria’s budget deficit and finance key infrastructure projects.
In a letter addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary, the President sought approval to obtain a $5 billion facility from Abu Dhabi Bank. The loan, according to the communication, is intended to support budgetary shortfalls and broader debt financing obligations.
Read Also:
In a separate request, Tinubu also asked lawmakers to approve an additional $1 billion loan facility from a United Kingdom Export Finance (UKEF)-backed arrangement through Citibank London. The funds are earmarked for the rehabilitation and modernisation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
The President stated that the port rehabilitation project is designed to address critical infrastructure deficiencies, enhance operational efficiency, improve safety standards, and support Nigeria’s non-oil trade diversification strategy. He added that the initiative would also strengthen the country’s position as a regional and global trade hub.
Following the presentation of the requests, Akpabio referred the letters to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for further legislative consideration and prompt report back to the chamber.
The Senate is expected to deliberate on the requests as part of its constitutional oversight on external borrowing.
By PRNigeria
