President Bola Tinubu has approached the Senate seeking approval to borrow a total of $6 billion to support Nigeria’s budget and infrastructure projects.
In a letter to Senate President Godswill Akpabio read during Tuesday’s plenary, Tinubu requested authorization to secure a $5 billion loan from Abu Dhabi Bank to cover budget deficits, debt obligations, and other financial needs.
In a separate letter, the President also sought approval to obtain a $1 billion UK/EF loan facility from London Citi Bank. The funds are designated for the rehabilitation of major port projects, including the Lagos Port Complex and Tin Can Island Port.
According to Tinubu, the port upgrade aims to address infrastructure gaps, boost operational efficiency, improve safety standards, support diversification of non-oil trade, and strengthen Nigeria’s position as a regional trade hub.
Senate President Akpabio referred both loan requests to the Committee on Local and Foreign Debts, chaired by Senator Aliyu Wammakko, directing the committee to review the proposals and report back promptly.
