By Yusuf Danjuma Yunusa
President Bola Tinubu has formally requested Senate approval for two separate loan facilities totaling $6 billion, aimed at addressing budgetary gaps, debt servicing, and critical port rehabilitation.
The requests were conveyed in letters to Senate President Godswill Akpabio, which were read during plenary on Tuesday.
In the first request, the President is seeking authorization to borrow $5 billion from the Abu Dhabi Bank. According to the letter, the funds are intended to finance the federal budget deficit and support debt financing obligations.
The second letter outlines a proposed $1 billion facility from London-based Citibank. Described as a UK Export Finance (UKEF) loan, the funds are designated for the rehabilitation of key maritime infrastructure, specifically the Lagos Port Complex and the Tin Can Island Port.
President Tinubu noted that the port rehabilitation project aims to address critical operational deficiencies, enhance efficiency, improve safety standards, support the diversification of non-oil trade, and establish Nigeria as a regional trade hub.
Following the reading of the letters, Senate President Akpabio referred both borrowing requests to the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wammakko. The committee has been tasked with conducting legislative reviews and is expected to report back to the Senate promptly.
