President Bola Tinubu has formally requested the Senate’s approval to secure external loans totaling $6 billion to support Nigeria’s financing needs.

The request was conveyed in two separate letters addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary session.

In the first correspondence, the President sought legislative approval to obtain a $5 billion loan from an Abu Dhabi-based financial institution. The facility is intended to help bridge the country’s budget deficit and meet existing debt financing obligations.

In a separate letter, Tinubu requested approval for a $1 billion loan from London-based Citibank to fund the rehabilitation of critical port infrastructure. The proposed projects include upgrades to the Lagos Port Complex and the Tin Can Island Port.

According to the President, the port rehabilitation initiative is designed to address infrastructure deficiencies, improve operational efficiency, enhance safety standards, and boost non-oil trade. The project is also expected to strengthen Nigeria’s position as a key regional trade hub.

Following the presentation of the requests, Senate President Akpabio referred the letters to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for further legislative scrutiny and expedited consideration.

More to follow…