President Bola Tinubu has asked the Senate to approve new loans totaling $6 billion to support the country’s finances and key projects.
In a letter read during plenary, Tinubu requested permission to borrow $5 billion from Abu Dhabi Bank.
The funds are expected to help cover the budget deficit and support debt financing.
In a separate request, the President also sought approval for a $1 billion loan from a UK/EF facility through Citi Bank in London.
This loan is intended for the rehabilitation of major port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
According to Tinubu, the port upgrades are aimed at fixing key challenges, improving efficiency and safety, boosting non-oil trade, and positioning Nigeria as a stronger regional trade hub.
The Senate has referred both requests to its Committee on Local and Foreign Debts for review, with a report expected soon.
