- Tinubu Requests $5bn, $1bn Loans to Tackle Budget Gap, Upgrade Ports
- The $1 billion facility will be used to rehabilitate and upgrade critical port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
- The Senate referred both requests to its Committee on Local and Foreign Debts
Bola Ahmed Tinubu has approached the Senate for approval to secure external loans totalling $6 billion to support key government priorities.
Eko Hot Blog reports that in a letter read during plenary by Senate President Godswill Akpabio, the President requested approval for a $5 billion loan expected to be sourced from Abu Dhabi Bank.
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The funds are aimed at addressing budget shortfalls and meeting debt obligations.
In a separate request, Tinubu also sought approval for an additional $1 billion loan facility from UK Export Finance (UKEF), to be arranged through Citibank in London.
According to the President, the $1 billion facility will be used to rehabilitate and upgrade critical port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
The goal is to improve efficiency, enhance safety standards, and strengthen Nigeria’s position as a regional trade hub.
He explained that the broader plan is part of efforts to close infrastructure gaps and support economic diversification beyond oil dependence.
Following the presentation, the Senate referred both requests to its Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, for further review and consideration.
More details are expected as the National Assembly begins deliberations on the proposed loans.
FURTHER READING
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