President Bola Tinubu has approached the Senate, seeking approval to raise about $6 billion in external loans aimed at supportin...
President Bola Tinubu has approached the Senate, seeking approval to raise about $6 billion in external loans aimed at supporting the government’s financial obligations.
The request was formally communicated through two separate letters sent to Senate President Godswill Akpabio and presented during Tuesday’s plenary session.
In one of the letters, the President asked for approval to secure a $5 billion facility from Abu Dhabi Bank, noting that the funds would be used to address the nation’s budget shortfall and meet existing debt commitments.
In another correspondence, Tinubu requested the Senate’s consent to obtain a $1 billion loan from London-based Citibank to finance the upgrade of major port facilities, including the Lagos Port Complex and Tin Can Island Port.
He explained that the planned rehabilitation of the ports is designed to close infrastructure gaps, improve efficiency in operations, enhance safety, boost non-oil exports, and strengthen Nigeria’s position as a key trade hub in the region.
After the letters were read, Akpabio directed that they be forwarded to the Senate Committee on Local and Foreign Debts, headed by Aliyu Wamakko, for further legislative scrutiny and swift action.
More details to follow.
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