BREAKING: Tinubu Seeks Senate Approval to Borrow $6 Billion

President Bola Tinubu has written to the Senate seeking approval to borrow a total of $6 billion to finance key government projects and obligations.

In a letter addressed to the President of the Senate, Godswill Akpabio, and read during Tuesday’s plenary, the President requested approval for a $5 billion loan facility from Abu Dhabi Bank.

The fund is expected to cover budget deficits and support debt financing, among other needs.

In a separate correspondence, President Tinubu also sought approval for a $1 billion UK Export Finance (UKEF) loan facility from London-based Citi Bank to support the rehabilitation of major port infrastructure, including the Lagos Port Complex and Tin Can Island Port.

According to the President, the proposed projects aim to address critical infrastructure gaps, enhance operational efficiency, improve safety standards, and boost non-oil trade, positioning Nigeria as a regional trade hub.

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

Further Details later…