Tinubu seeks senate approval for $6bn borrowing to fund budget, ports

President Bola Ahmed Tinubu has formally requested the Senate’s approval to secure external loans totalling $6 billion to support budget financing and key infrastructure projects.

In a letter addressed to Godswill Akpabio, the President of the Senate and read during plenary on Tuesday, the President sought approval to obtain a $5 billion loan from Abu Dhabi Bank.

The facility, according to the letter, is intended to cover the budget deficit and support debt financing obligations.

In a separate correspondence to the upper chamber, Tinubu also requested approval for a $1 billion UK/EF loan facility from London Citi Bank to fund the rehabilitation of major port infrastructure across the country.

The President explained that the proposed projects would focus on upgrading the Lagos Port Complex and Tin Can Island Port, with the aim of boosting operational capacity and improving overall efficiency.

According to him, the initiative is designed “to address critical deficiencies, improve efficiency, improve safety standards, support non-oil trade diversification and position Nigeria as a trade hub among others.”

Following the presentation, Senate President Akpabio referred both requests to the Senate committee on local and foreign debts, chaired by Aliyu Wamakko, for further legislative consideration and prompt reporting.