President Bola Tinubu has asked the Nigerian Senate to approve external loans totalling $6 billion to support government financing and infrastructure upgrades.
The request, conveyed in two letters read during Tuesday’s plenary by Senate President Godswill Akpabio, includes a $5 billion loan from Abu Dhabi Bank to address Nigeria’s budget deficit and debt obligations.
In a separate proposal, Tinubu sought approval for a $1 billion facility from Citibank in London to rehabilitate the Lagos Port Complex and Tin Can Island Port.
The government says the project will close infrastructure gaps, improve efficiency, enhance safety and strengthen Nigeria’s position as a regional trade hub.
Both requests have been referred to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for legislative review and swift consideration.
More details to come...