President Bola Tinubu has formally written to the Nigerian Senate seeking approval to secure loans totaling $6 billion to address key economic priorities.
In a letter addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary, the President requested approval to borrow $5 billion from Abu Dhabi Bank. The proposed loan is intended to help cover the country’s budget deficit and support ongoing debt financing obligations.
In a separate request, Tinubu also sought approval for a $1 billion loan facility from Citi Bank London under a UK export finance arrangement. The funds are earmarked for the rehabilitation and modernization of critical port infrastructure across the country.
Key projects listed include upgrades to the Lagos Port Complex and the Tin Can Island Port. According to the President, the initiative aims to address long standing infrastructure gaps, improve operational efficiency, and enhance safety standards within Nigeria’s maritime sector.
The administration also noted that the port rehabilitation project is part of broader efforts to boost non oil trade, strengthen economic diversification, and position Nigeria as a leading trade hub in the region.
Following the presentation of the requests, Akpabio referred both letters to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wammakko, for further legislative review and prompt reporting.
The Senate is expected to deliberate on the proposals in the coming days, as the government seeks to secure funding to ilize the economy and invest in critical infrastructure.
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