Nigerian Senate Approves President Tinubu's $6bn Loan

The Nigerian Senate has approved President Tinubu's request for a total external loan of $6 billion. This decision was made during a plenary session on Tuesday, where the Senate President read Tinubu's letter seeking authorization for the loans.

The request comprises two separate letters: the first seeks approval for a $5 billion total return swap through an external financing program with the Abu Dhabi Bank, while the second letter requests a $1 billion loan from UK Export Finance (UKEF) facilitated by Citibank's London branch. The funds from these loans are intended to support the reconstruction and rehabilitation of the Lagos Port Complex on Tin Island, as well as to bolster Nigeria's budget financing and infrastructure development, thereby strengthening the country's position as a regional trade hub.