President Bola Tinubu has formally requested Senate approval to secure a $5 billion loan aimed at addressing Nigeria’s budget deficit and supporting debt financing.
The request was contained in a letter addressed to Senate President Godswill Akpabio and read during plenary on Tuesday. The proposed loan is expected to be sourced from Abu Dhabi Bank.
In a separate correspondence, the President also sought approval for an additional $1 billion UK Export Finance facility from London Citi Bank to fund the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
According to Tinubu, the port upgrade project is designed to fix critical gaps, enhance operational efficiency, improve safety standards, 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 Senator Aliyu Wammakko, for further legislative review and prompt reporting.
