President Bola Tinubu has asked the Senate to approve external loans totaling $6 billion to support the country’s financing needs.
The request was presented in two separate letters addressed to Godswill Akpabio and read during Tuesday’s plenary.
In the first letter, the President sought approval for a $5 billion loan from Abu Dhabi Bank to help cover the budget deficit and meet debt obligations.
In a second request, he asked for approval of a $1 billion facility from London-based Citibank to fund the rehabilitation of major port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
According to the President, the port upgrade is aimed at addressing infrastructure gaps, improving efficiency, boosting safety standards, and promoting non-oil trade, while strengthening Nigeria’s position as a regional trade hub.
Following the presentation, Akpabio referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, for review and further legislative action.
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