From Victor Osula, Abuja
President Bola Tinubu has formally written to the Nigerian Senate seeking approval to secure a total of $6 billion in external loans, in a move designed to strengthen fiscal stability and accelerate the rehabilitation of critical infrastructure across the country.
The request was conveyed in two separate letters addressed to the President of the Senate, Godswill Akpabio, and read during Tuesday’s plenary session.
In the first correspondence, President Tinubu sought approval for a $5 billion loan facility from Abu Dhabi Bank.
The funds, according to the President, will be deployed to support the 2026 budget, particularly in bridging fiscal deficits and enhancing debt financing efforts, thereby ensuring continuity in key government programmes and obligations.
The President noted that the proposed borrowing aligns with the administration’s broader economic recovery strategy aimed at stabilising public finances while sustaining growth.
In a second letter, the President requested Senate approval for an additional $1 billion loan facility from Citibank London under a UK Export Finance (UKEF) arrangement.
The facility is earmarked for the rehabilitation and modernisation of major port infrastructure, including the Lagos Port Complex and the Tin Can Island Port.
Tinubu explained that the port upgrade projects are intended to address longstanding operational deficiencies, improve cargo handling efficiency, enhance safety standards, and reduce congestion at the nation’s busiest maritime gateways.
He added that the initiative would also support Nigeria’s drive towards non-oil export growth and position the country as a competitive trade hub in the West African sub-region.
Following the presentation of the letters, Senate President Akpabio referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, for expedited legislative consideration.
The committee is expected to review the proposals and report back to the Senate promptly, as part of ongoing efforts to align legislative processes with the administration’s economic reform agenda.
