Senate Greenlights Tinubu’s $6B Loan Request

The Senate on Tuesday approved President Bola Tinubu’s request to secure a fresh $6 billion in loans to finance government projects and address budgetary shortfalls. According to reports, the approval came on the same day the request letter was presented by Senate President Godswill Akpabio.

The decision followed the consideration of a report by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts. In two separate letters addressed to the Senate President, President Tinubu sought approval for a $5 billion loan from Abu Dhabi Bank to cover budget deficits and support debt obligations, and a $1 billion facility from UK Export Finance via London Citi Bank to rehabilitate critical port infrastructure, including the Lagos Port Complex and Tin Can Island Port.

The President emphasized that the port rehabilitation project is aimed at improving operational efficiency, enhancing safety standards, and strengthening Nigeria’s position as a regional trade hub. The loans are part of broader efforts by the Federal Government to stabilise public finances, sustain ongoing programs, and support economic diversification beyond oil. Both requests have now received the full backing of the Senate.