ABUJA President Bola Ahmed Tinubu has formally approached the Senate for approval to secure fresh external loans totalling $6 billion, aimed at addressing Nigeria’s fiscal deficit and revitalising critical port infrastructure.
In a letter read on the Senate floor, the President requested authorisation to obtain a $5 billion facility from Abu Dhabi Bank to support budget financing and plug revenue shortfalls.
In a separate correspondence, Tinubu also sought legislative clearance for a $1 billion loan from UK Export Finance, to be accessed through London Citi Bank, for the rehabilitation of key maritime assets, notably the Lagos Port Complex and Tin Can Island Port.
The President explained that the proposed investments would tackle longstanding infrastructure deficits, improve operational efficiency, enhance safety standards, and promote non-oil trade diversification.
He added that the upgrades would strengthen Nigeria’s competitiveness as a regional trade hub.
Following presentation, the Senate referred both requests to its Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, for expedited consideration.
Lawmakers are expected to deliberate on the proposals and report back promptly, as the Federal Government moves to close critical funding gaps and modernise trade infrastructure.
