President Bola Tinubu has formally approached the Senate for approval to secure external loans totaling $6 billion, as part of efforts to address Nigeria’s fiscal needs and fund critical infrastructure.
The request was contained in two separate communications sent to Senate President Godswill Akpabio and presented during Tuesday’s plenary session.
Breakdown of Loan Requests
In the first proposal, the president is seeking legislative clearance to obtain a $5 billion facility from Abu Dhabi Bank. The funds are expected to help bridge the nation’s budget shortfall and support ongoing debt servicing obligations.
A second request involves a $1 billion loan from London-based Citibank. According to the presidency, the facility will be directed toward the rehabilitation of major port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
Focus on Infrastructure and Trade
The administration stated that the proposed port upgrades are aimed at addressing longstanding infrastructure deficiencies, improving operational efficiency, and enhancing safety standards. The project is also expected to boost non-oil exports and strengthen Nigeria’s position as a key trade hub in the region.
Senate Begins Review Process
Following the presentation, Akpabio referred both requests to the Senate Committee on Local and Foreign Debts for further scrutiny. The committee, chaired by Aliyu Wamakko, is expected to review the proposals and report back to the chamber for consideration.
The move underscores the government’s continued reliance on external borrowing to finance development projects and manage fiscal pressures amid evolving economic challenges.
