Tinubu Seeks Senate Approval for $6bn Loans to Fund Budget, Rehabilitate Ports

President Bola Ahmed Tinubu has formally approached the Senate for approval to secure external loans totalling $6 billion, aimed at addressing budgetary shortfalls and revitalising critical infrastructure.

In a letter addressed to the President of the Senate, Godswill Akpabio, and read during Tuesday’s plenary, the President requested approval to obtain a $5 billion loan from Abu Dhabi Bank. The facility, he explained, is intended to support budget deficit financing and other debt obligations.

In a separate communication, the President also sought legislative clearance to access a $1 billion UK Export Finance (UKEF) facility through Citi Bank London. The proposed funding is earmarked for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.

According to the President, the port upgrade project is designed to address critical infrastructure gaps, improve operational efficiency, enhance safety standards, and promote non-oil trade diversification. He added that the initiative would also strengthen Nigeria’s position as a regional trade hub.

Following the presentation of the requests, Senate President Akpabio referred the proposals to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, for further legislative scrutiny and prompt reporting.