The Senate on Tuesday approved a fresh $6 billion loan request submitted by President Bola Tinubu, aimed at funding key government projects and addressing budget shortfalls.
The approval came the same day the request was read on the floor by Senate President Godswill Akpabio. Lawmakers gave the green light after considering a report presented by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts.
The loan request was detailed in two separate letters from the President. In the first, Tinubu sought approval to secure a $5 billion facility from Abu Dhabi Bank to help cover the country’s budget deficit and support ongoing fiscal obligations.
In the second request, the President asked to borrow $1 billion through a UK Export Finance facility arranged via London Citi Bank. This portion of the loan is earmarked for the rehabilitation of critical port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
According to the President, the projects are expected to improve efficiency in the maritime sector, enhance safety standards, and strengthen Nigeria’s position as a regional trade hub. He also noted that the initiative aligns with efforts to diversify the economy beyond oil.
With the Senate’s approval, the Federal Government is set to proceed with the borrowing plan as part of its broader strategy to stabilise public finances and sustain development programmes.
