Senate Approves Tinubu's $6 Billion Loan Request

The Nigerian Senate, led by President Godswill Akpabio, approved President Bola Tinubu's request for a total loan of $6 billion during a plenary session. The first part of the request involves a $5 billion loan from the Abu Dhabi Bank, which is intended to be fully drawn to raise Nigeria's total public debt from $110.3 billion to $115.3 billion.

The second part of the request is for a $1 billion loan aimed at rehabilitating the Lagos port complex and Tin Island port facilities, backed by Citibank London and the UK Export Finance (UKEF). This funding is intended to modernize the two ports, improve operational efficiency, and enhance safety standards in alignment with global best practices.

The loan has a repayment tenure of 14 years, including a 48-month availability period, with terms including a 1.1 percent availability fee and a 1.07 percent UKEF premium. The Senate's Foreign and Local Loan Committee, chaired by Aliyu Wamakko, conducted extensive deliberations before presenting the report that led to the approval.