President Bola Ahmed Tinubu has formally asked the Senate to approve fresh external borrowing totaling $6 billion to meet Nigeria’s financing needs and support critical infrastructure development.
The request was contained in two separate letters addressed to the President of the Senate, Godswill Akpabio, and read during plenary on Tuesday.
In the first correspondence, President Tinubu sought legislative approval to secure a $5 billion loan from Abu Dhabi Bank. According to the President, the facility is intended to help bridge the nation’s budget deficit and address other debt financing obligations.
In the second letter, the President requested Senate approval for an additional $1 billion loan facility from London-based Citibank to finance the rehabilitation and modernization of major port infrastructure across the country.
The proposed port upgrade is expected to cover key facilities, including the Lagos Port Complex and the Tin Can Island Port, both considered vital to Nigeria’s trade and logistics operations.
President Tinubu explained that the planned rehabilitation would help close existing infrastructure gaps, improve port efficiency, strengthen safety standards, and boost non-oil exports.
He added that the investment is part of broader efforts to position Nigeria as a more competitive regional trade hub while enhancing the overall performance of the maritime sector.
Following the presentation of the requests, Senate President Godswill Akpabio referred the letters to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for legislative scrutiny and swift consideration.
The move signals the administration’s continued reliance on external financing to support fiscal operations and fund strategic infrastructure projects amid mounting economic pressures.
Why It Matters
If approved, the proposed loans could provide immediate support for Nigeria’s budget implementation and critical port upgrades. However, the requests may also renew public debate over the country’s rising debt profile and long-term repayment capacity.