President Bola Tinubu has formally written to the Senate requesting approval to secure $5 billion in loans
In a letter addressed to Senate President Godswill Akpabio, which was read during plenary on Tuesday, Tinubu indicated that the $5 billion loan would be sourced from Abu Dhabi Bank. The funds are intended to cover budget deficits, debt obligations, and related financial needs.
In a separate letter, the President also sought Senate approval to borrow a $1 billion UK/EF loan facility from London Citi Bank. The loan is earmarked for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
Tinubu outlined that the port projects aim to address infrastructure gaps, enhance operational efficiency, improve safety standards, support non-oil trade diversification, and strengthen Nigeria’s position as a regional trade hub.
Senate President Akpabio referred both requests to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wammakko, instructing the committee to undertake legislative review and report back promptly.
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