President Bola Tinubu has formally requested Senate’s approval for a new $5 billion external loan to address Nigeria’s fiscal challenges.
In a letter read by Senate President Godswill Akpabio during Tuesday’s plenary, the President explained that the credit facility, to be sourced from Abu Dhabi Bank, is intended to fund the budget deficit and support debt financing.
In a separate communication, the President also sought the green light for a $1 billion UK Export Finance (UKEF) facility from London Citi Bank.
This second loan is specifically earmarked for the comprehensive rehabilitation of Nigeria’s maritime infrastructure, with a primary focus on the Lagos Port Complex and the Tin Can Island Port.
According to President Tinubu, these investments are critical to rectifying structural deficiencies and enhancing safety standards at the ports.
The administration aims to boost operational efficiency and diversify the economy by positioning Nigeria as a premier regional trade hub.
Following the reading of the letters, Senate President Akpabio referred both requests to the Senator Aliyu Wamakko-led Committee on Local and Foreign Debts for immediate legislative action.
Details shortly…
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