Senate authorises Tinubu’s $6bn loan

The Nigerian Senate has approved the request of President Bola Tinubu to go for external loans totalling $6 billion.

The approval is coming barely four hours after the Senate President, Godswill Akpabio, read the letter from the President, seeking the approval.

The red chamber of the National Assembly approved the loans after the presentation and consideration of a report by the Senator Aliyu Wamakko-led Committee on Local and Foreign Debts.

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It had been reported earlier that President Tinubu’s latest loan request was contained in two separate letters addressed to the President of the Senate, which were read during plenary on Tuesday.

In the first letter, Tinubu requested the approval to establish a structured total return swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank of the United Arab Emirates.

The President, in the second letter, also asked the Senate to approve a $1 billion UK export finance loan facility arranged by Citibank, London branch.

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He said that the loan would be used for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.