The Senate has approved a fresh $6 billion loan request submitted by Bola Ahmed Tinubu to finance key government projects and address budget shortfalls.
The approval was granted on Tuesday, the same day the request was read during plenary by Senate President Godswill Akpabio.
The decision followed the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debts, Aliyu Wamakko.
The loan request was contained in two separate letters sent by the President to the Senate. In the first, Tinubu sought approval for a $5 billion loan from Abu Dhabi Bank to support budget financing and other fiscal obligations.
In a second request, the President asked for approval to secure a $1 billion facility from London Citi Bank, backed by UK Export Finance, for the rehabilitation of major port infrastructure.
The projects include upgrades to the Lagos Port Complex and Tin Can Island Port, aimed at improving efficiency, safety, and overall performance in the maritime sector.
According to the President, the initiative is part of broader efforts to strengthen Nigeria’s economy and enhance its position as a regional trade hub.
Both loan requests have now been fully approved by the Senate.
