Tinubu Seeks Senate Approval for $6 Billion Loans

President Bola Tinubu has formally sought the approval of the Nigerian Senate to secure external loans amounting to $6 billion to address the country's financial requirements. This request was conveyed through two separate letters addressed to the Senate, which were read by Senate President Godswill Akpabio during the plenary session on Tuesday.

The first letter requests approval for a $5 billion loan from Abu Dhabi Bank aimed at covering Nigeria's budget deficit and supporting debt financing obligations. The second request involves a $1 billion loan from Citibank, based in London, intended for the rehabilitation of the Lagos Port Complex and Tin Island Port.

The president emphasized that the port upgrade project aims to address existing infrastructure gaps, enhance operational efficiency, strengthen safety standards, and promote non-oil trade, positioning Nigeria as a stronger regional trade hub. Senate President Akpabio referred the letters to the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wamakko, for prompt review.