President Bola Tinubu has formally approached the Nigerian Senate for approval to secure external loans totaling $6 billion, in a move aimed at supporting the country’s fiscal needs and upgrading critical infrastructure.
The request was communicated in two separate letters addressed to Senate President Godswill Akpabio and presented during Tuesday’s plenary session.
$5 Billion Loan for Budget Support
In the first request, the President is seeking legislative approval to obtain a $5 billion loan from Abu Dhabi Bank.
The proposed facility is expected to help bridge Nigeria’s budget deficit and meet existing debt servicing obligations.
The move reflects the government’s continued reliance on external borrowing to stabilize public finances amid economic pressures and revenue constraints.
$1 Billion Facility for Port Infrastructure
In a separate letter, Tinubu requested approval for a $1 billion loan from Citibank, headquartered in London, to finance the rehabilitation of key port infrastructure.
The funds are earmarked for upgrades at major facilities, including the Lagos Port Complex and the Tin Can Island Port.
According to the President, the port modernization project is designed to address longstanding infrastructure gaps, improve operational efficiency, enhance safety standards, and boost non-oil trade.
It is also expected to strengthen Nigeria’s position as a leading trade hub in West Africa.
Senate Begins Review Process
Following the presentation, Akpabio referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, for further legislative scrutiny and expedited consideration.
The committee is expected to review the terms of the proposed loans and make recommendations before final approval by the Senate.
