President Tinubu Seeks Senate Approval for $6 Billion Loan to Fund Budget and Upgrade Ports.

President Tinubu Seeks Senate Approval for $6 Billion Loan to Fund Budget and Upgrade Ports.

President Bola Ahmed Tinubu has formally requested the Senate’s approval to secure loans totaling $6 billion to support government spending and infrastructure development.

In a letter addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary, the President disclosed plans to obtain a $5 billion loan from Abu Dhabi Bank. The funds are intended to help bridge the budget deficit and support debt financing obligations.

In a separate request, Tinubu also sought approval to access a $1 billion loan facility from London-based Citi Bank for the rehabilitation of key port infrastructure. The proposed projects include upgrades to the Lagos Port Complex and Tin Can Island Port.

According to the President, the port rehabilitation aims to fix major operational gaps, enhance efficiency and safety, boost non-oil trade, and strengthen Nigeria’s position as a regional trade hub.

Following the presentation, Akpabio referred both loan requests to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wammakko, for further legislative review and prompt reporting.