- Senate Approves Tinubu’s $6 Billion Loan Request
- $5bn for budget deficit, $1bn for port rehabilitation projects.
- Loans aimed at stabilising finances and boosting infrastructure development.
The Senate on Tuesday approved a fresh $6 billion loan request submitted by President Bola Tinubu to finance key government projects and address budgetary gaps.
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EKO HOT BLOG reports that the approval followed the presentation and consideration of a report by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Aliyu Wamakko, shortly after the request was read during plenary by Senate President Godswill Akpabio.
The loan request was conveyed in two separate letters addressed to the Senate leadership. In the first, Tinubu sought approval to obtain a $5 billion facility from Abu Dhabi Bank to cover the nation’s budget deficit and support debt financing, alongside other fiscal obligations.
In a second communication, the President requested approval for a $1 billion loan from UK Export Finance through London Citi Bank. He explained that the facility would be used to rehabilitate critical port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
According to Tinubu, the port rehabilitation project is aimed at addressing infrastructure gaps in the maritime sector, improving operational efficiency, and enhancing safety standards. He added that the initiative would support efforts to diversify Nigeria’s economy and strengthen its position as a regional trade hub.
The Federal Government said the borrowing plan forms part of broader efforts to stabilise public finances and sustain ongoing development programmes.
With the Senate’s approval, both loan requests have now been cleared by the upper legislative chamber.
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