SA
The Senate has approved President Bola Tinubu’s request to obtain fresh external loans totalling $6 billion, aimed at plugging fiscal gaps and financing critical infrastructure projects. The approval followed consideration of a report presented by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Aliyu Wamakko.
The decision came hours after President Tinubu formally wrote to the Senate seeking legislative backing for the facilities. In one of the letters read during plenary, the President requested approval to borrow $5 billion from Abu Dhabi Bank to support budget deficit financing and meet existing debt obligations.
In a separate request, Tinubu also sought and got approval for a $1 billion loan facility from UK Export Finance through Citibank in London to rehabilitate critical port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
According to the President, the port projects are designed to address operational deficiencies, improve efficiency, enhance safety standards, support non-oil trade diversification and strengthen Nigeria’s position as a regional trade hub.
The approval marks the latest step in the Federal Government’s effort to finance major national obligations and strategic infrastructure through a combination of domestic and external borrowing.
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Oyetoke Adedayo Ebenezer
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