President Bola Tinubu has approached the Nigerian Senate seeking approval to borrow $5 billion from Abu Dhabi Bank to help cover the nation’s budget deficit and manage debt obligations.
In addition, the President is requesting authorization for a $1 billion loan facility from UK Export Finance through London Citi Bank. The funds are intended to upgrade and rehabilitate critical port infrastructure, including the Lagos Port Complex and Tin Can Port.
The initiative aims to address infrastructure gaps, enhance operational efficiency, improve safety standards, boost non-oil trade diversification, and strengthen Nigeria’s position as a regional trade hub.
Senate President Akpabio referred the requests to the Committee on Local and Foreign Debts, chaired by Senator Aliyu Wammakko, for legislative review and prompt reporting.
