President Bola Ahmed Tinubu has formally approached the National Assembly for approval to secure a total of $6 billion in external loans, aimed at addressing Nigeria’s budget shortfall and revitalising critical port infrastructure.
In a letter addressed to the President of the Senate, Senator Godswill Akpabio, and read during Tuesday’s plenary, the President requested authorisation to obtain a $5 billion loan from Abu Dhabi Bank. According to the letter, the facility is intended to support budget deficit financing and other debt obligations, as part of efforts to stabilise the nation’s fiscal position.
In a separate correspondence, Tinubu also sought approval for a $1 billion loan facility from the United Kingdom Export Finance (UKEF), to be arranged through Citi Bank in London. The funds are earmarked for the rehabilitation and modernisation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
The President noted that the port rehabilitation project is designed to address longstanding infrastructure deficiencies, enhance operational efficiency, and improve safety standards. He added that the initiative would also help boost non-oil exports and position Nigeria as a competitive trade hub in the region.
Following the presentation of the requests, Senate President Akpabio referred both loan proposals to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wammakko, for further legislative scrutiny. The committee is expected to review the proposals and report back to the Senate promptly.
The development comes amid ongoing efforts by the Tinubu administration to restructure Nigeria’s economy, improve revenue generation, and invest in critical infrastructure, even as concerns persist over the country’s rising debt profile.
Further details on the loan terms and conditions are expected as deliberations progress in the National Assembly.
