Tinubu seeks Approval to borrow $5 Billion

News Update

President Bola Tinubu has requested the Senate’s approval to secure external loans totalling $6 billion to support government financing needs.

The request was conveyed in two separate letters addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary.

In the first letter, the President sought approval to obtain a $5 billion loan from Abu Dhabi Bank to help cover the country’s budget deficit and support debt financing obligations.

In a separate request, Tinubu asked the Senate to approve a $1 billion loan facility from London-based Citibank to fund the rehabilitation of key port infrastructure projects, including the Lagos Port Complex and the Tin Can Island Port.

According to the President, the port upgrade project is intended to fix existing infrastructure gaps, enhance operational efficiency, strengthen safety standards, promote non-oil trade and position Nigeria as a stronger regional trade hub.

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