Reps Approve Tinubu's $6 Billion Loan Request

On Tuesday, the House of Representatives approved President Bola Tinubu's request for a total of $6 billion in external loans aimed at boosting the federal government's finances and supporting critical infrastructure projects across various sectors of the economy. The request was conveyed through two separate letters addressed to Senate President Godswill Akpabio.

The first letter sought approval for a $5 billion loan from First Abu Dhabi Bank to assist in fiscal liquidity management. The second letter requested approval for a $1 billion loan from the United Kingdom Export Finance to rehabilitate port projects in Nigeria, including the Lagos Port Complex and Tin Island Port.

The House referred the request to the Committee on Aid, Loan, and Debt Management, which subsequently recommended the approval. The loan request was unanimously approved by lawmakers during the plenary session, with provisions for total return swap transactions involving the federal government and First Abu Dhabi Bank.