President Bola Tinubu has approached the Senate for approval to obtain external loans amounting to $6bn.
The request was conveyed in two separate letters addressed to the President of the Senate, Senator Godswill Akpabio, and read on the floor of the Red Chamber during Tuesday’s plenary.
In one of the communications, the President sought legislative backing to secure a $5bn facility from Abu Dhabi Bank to address budget deficits, service existing debts, and meet other fiscal obligations.
In another correspondence, Tinubu requested approval for a $1bn credit facility from the United Kingdom Export Finance, in collaboration with Citi Bank, London, for the rehabilitation of major port infrastructure.
The proposed intervention targets the Lagos Port Complex and Tin Can Island Port, with the objective of fixing critical infrastructure gaps, enhancing efficiency, strengthening safety measures, and promoting non-oil exports.
The President added that the projects would also help position Nigeria as a strategic trade hub in the region.
After the letters were read, Akpabio referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for consideration and speedy report to the chamber.
Further updates are expected.
