President Bola Tinubu has formally asked the Senate to approve a total of $6 billion in external borrowing to support the country’s financial obligations and critical infrastructure projects.
The request was conveyed in two separate letters addressed to Senate President Godswill Akpabio and presented during Tuesday’s plenary session.
In the first letter, Tinubu sought approval to secure a $5 billion loan from Abu Dhabi Bank to help bridge the nation’s budget deficit and meet existing debt commitments.
In a second request, the President asked lawmakers to approve an additional $1 billion facility from London-based Citibank. The funds, he explained, would be used to rehabilitate major port facilities, including the Lagos Port Complex and Tin Can Island Port.
According to Tinubu, the planned upgrades are aimed at addressing longstanding infrastructure gaps, improving efficiency at the ports, enhancing safety standards, and boosting non-oil trade. He added that the project would strengthen Nigeria’s position as a key trade hub in the region.
Following the presentation, Akpabio referred both requests to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, for detailed review and expedited consideration.
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