President Bola Tinubu has written to the Senate seeking approval to borrow $5 billion to support budget financing and other fiscal needs.
The request was contained in a letter addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary session. According to the President, the loan is expected to be sourced from Abu Dhabi Bank and will be used to address the budget deficit and for debt financing.
In a separate letter, Tinubu also requested approval for a $1 billion loan facility from UK Export Finance (UKEF) through Citi Bank, London, for the rehabilitation of key port infrastructure.
The proposed projects include upgrades to the Lagos Port Complex and Tin Can Island Port, with the aim of improving operational efficiency, enhancing safety standards, and boosting Nigeria’s non-oil trade capacity.
The President noted that the intervention would help position Nigeria as a major trade hub in the region.
Following the presentation, the Senate President referred both requests to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wammakko, for further legislative action and prompt report.
