JUST-IN: Tinubu Seeks Senate Approval For Fresh $6bn Loans

President Bola Tinubu has written to the Senate seeking approval to borrow a total of $6 billion to support Nigeria’s fiscal and infrastructure needs.

In a letter addressed to the President of the Senate, Godswill Akpabio, and read during Tuesday’s Senate plenary, the President requested approval for a $5 billion loan facility from Abu Dhabi Bank.

The funds are intended to cover the budget deficit and support debt financing, among other obligations.

In a separate communication, Tinubu also sought Senate approval to secure a $1 billion loan facility from London Citi Bank under a UK Export Finance (UKEF) arrangement.

The loan is designated for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.

According to the President, the port rehabilitation project aimed to address critical infrastructure deficiencies, improve operational efficiency, enhance safety standards, and support Nigeria’s non-oil trade diversification.

It is also expected to strengthen the country’s position as a regional trade hub.

Following the presentation of the letters, Senate President Akpabio referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for further legislative consideration and prompt reporting.

Details Later…