President Bola Tinubu has written to the Senate seeking approval to borrow a total of $6 billion to support government spending and key infrastructure projects.
The request was contained in a letter read during plenary on Tuesday by Senate President Godswill Akpabio.
According to the letter, Tinubu is seeking approval to secure a $5 billion loan from Abu Dhabi Bank to finance the budget deficit and other debt-related obligations.
In a separate request, the president also asked for approval to obtain a $1 billion UK Export Finance-backed loan facility from London Citibank. The funds are earmarked for the rehabilitation of major port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
Tinubu explained that the port upgrade aims to address critical infrastructure gaps, improve operational efficiency, enhance safety standards, and boost non-oil trade. He added that the project is part of broader efforts to position Nigeria as a major regional trade hub.
Following the presentation, Akpabio referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wammakko, for further legislative review and prompt reporting back to the chamber.
