President Bola Ahmed Tinubu has approached the Senate with a request to approve external borrowing amounting to $6 billion, aimed at addressing fiscal gaps and financing key infrastructure projects.
The proposal, presented during Tuesday’s plenary, underscores the Federal Government’s efforts to stabilise the economy and meet pressing financial obligations.
In separate communications to Senate President Godswill Akpabio, the President outlined plans to secure a $5 billion loan from Abu Dhabi Bank.
The facility, according to the request, is intended to support budget deficit financing and help manage existing debt commitments.
A second request seeks approval for an additional $1 billion loan from Citibank in London, targeted at rehabilitating critical port infrastructure. The proposed upgrades will focus on facilities such as the Lagos Port Complex and Tin Can Island Port, with the aim of improving efficiency, enhancing safety standards, and boosting non-oil trade activities.
Following the presentation, the Senate referred the loan requests to its Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for detailed review.
Details later…
