JUST-IN: Tinubu seeks Senate approval for $6bn external loans to fund budget, ports

President Bola Tinubu has formally requested the approval of the Senate to secure external loans totaling $6 billion to support the Federal Government’s financing needs.

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

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

In a separate correspondence, Tinubu requested Senate approval for a $1 billion loan facility from Citibank, headquartered in London, to finance the rehabilitation of critical port infrastructure.

The proposed projects include upgrades to the Lagos Port Complex and the Tin Can Island Port, both considered vital to Nigeria’s maritime trade and economic activities.

The loan requests come amid ongoing efforts by the administration to address fiscal pressures, improve infrastructure, and stimulate economic growth.