Bola Tinubu has formally approached the Senate for approval to secure external loans totaling $6 billion as part of efforts to address fiscal and infrastructure needs. The request was communicated in a letter addressed to Senate President Godswill Akpabio and presented during plenary on Tuesday.
According to the correspondence, the Federal Government plans to obtain a $5 billion loan from Abu Dhabi Bank. The facility is intended to support key financial obligations, including bridging the budget deficit and refinancing existing debt commitments. This move aligns with the administration’s broader strategy to stabilize public finances while sustaining government operations.
In a separate request, the President also sought legislative approval for an additional $1 billion loan facility from a London-based financial institution, Citi Bank, under a UK Export Finance arrangement. The funds are earmarked for the rehabilitation and modernization of critical port infrastructure, specifically the Lagos Port Complex and Tin Can Island Port.
The proposed port upgrade projects are designed to tackle longstanding operational inefficiencies, improve safety standards, and enhance overall productivity within Nigeria’s maritime sector. Furthermore, the initiative aims to strengthen non-oil trade by facilitating smoother import and export processes, ultimately positioning the country as a more competitive regional trade hub.
Following the presentation of the requests, Godswill Akpabio referred both proposals to the Senate Committee on Local and Foreign Debts for detailed legislative review. The committee, chaired by Aliyu Wammakko, has been mandated to assess the requests and report back to the Senate promptly.
The outcome of the committee’s review will determine whether the National Assembly grants the necessary approvals for the proposed borrowing, which is expected to have significant implications for Nigeria’s fiscal management and infrastructure development trajectory.
