President Bola Tinubu has formally requested the Senate’s approval to secure external loans totalling $6bn.
The request was contained in separate letters addressed to the President of the Senate, Senator Godswill Akpabio, and read during plenary on Tuesday.
In one of the correspondences, the President sought approval to obtain a $5bn facility from Abu Dhabi Bank to support budgetary shortfalls and debt obligations, among other financial needs.
In a related request, Tinubu also asked the upper chamber to approve a $1bn loan facility from UK Export Finance in partnership with Citi Bank, London, earmarked for the rehabilitation of key port infrastructure.
The proposed projects include the upgrade of the Lagos Port Complex and Tin Can Island Port, with the aim of addressing infrastructural gaps, enhancing operational efficiency, improving safety standards, and boosting non-oil trade diversification.
The President further noted that the intervention would help position Nigeria as a competitive trade hub.
Following the presentation, Akpabio referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for necessary legislative consideration and prompt report back to the chamber.
Further details are expected.