Tinubu Seeks Senate Approval for $6 Billion Loan

President Bola Ahmed Tinubu has formally sought the approval of the Nigerian Senate to borrow a total of $6 billion to finance various government projects. This request was communicated through a letter addressed to the Senate, which was read during a plenary session on Tuesday.

The proposed borrowing includes a $5 billion loan from Abu Dhabi Bank aimed at covering budget deficits and supporting debt financing. Additionally, President Tinubu is seeking a $1 billion loan from UK Export Finance, facilitated by London-based Citi Bank, to support the rehabilitation of major port infrastructure, including the Lagos Port Complex and Tin Island Port.

The projects outlined in the proposal are intended to address critical infrastructure gaps, enhance operational efficiency, improve safety standards, and boost non-oil trade, positioning Nigeria as a regional trade hub. Following the presentation of this request, the Senate President referred it to the Senate Committee on Local and Foreign Debt for further legislative consideration and prompt reporting.