President Bola Ahmed Tinubu has formally requested the Senate’s approval to secure loans totaling $6 billion to support government spending and critical infrastructure development.
In a letter addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary, the President disclosed plans to obtain a $5 billion loan from Abu Dhabi Bank to help bridge the budget deficit and meet debt financing obligations.
“The facility will be applied towards funding the budget deficit and supporting key government expenditure,” Tinubu stated in the letter.
In a separate request, the President also sought approval to access a $1 billion loan facility from Citi Bank for the rehabilitation of major port infrastructure across the country.
According to the President, the proposed projects will target upgrades at the Lagos Port Complex and Tin Can Island Port, both critical to Nigeria’s maritime trade.
“The port rehabilitation projects are designed to address operational inefficiencies, improve safety standards, and enhance the competitiveness of Nigeria’s ports,” the letter read.
Tinubu added that the initiative would “boost non-oil trade and strengthen Nigeria’s position as a regional trade hub.”
Following the presentation, Akpabio referred both requests to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wammakko, for further legislative scrutiny.
“The committee is expected to carry out a thorough review and report back promptly to the Senate,” Akpabio said.
The Senate is expected to deliberate on the requests after the committee submits its report.