By John Obi
Senate has approved the fresh $6 billion loan request forwarded to the lawmakers by President Bola Tinubu.
The $6 billion , according to the president will be used to finance key government projects and addres budgetary gaps.
The requests were contained in two separate letters addressed to the President of the Senate, Godswill Akpabio, and read during Tuesday’s plenary.
In the first letter, the President requested approval to obtain a $5 billion loan from Abu Dhabi Bank.
The President said the facility will be used to cover the nation’s budget deficit and support debt financing, among other fiscal obligations.
In a separate communication, Tinubu also sought approval to secure a $1 billion UK Export Finance loan facility from London Citi Bank.
The approval of the loan followed the presentation and consideration of the report made by
the Chairman, Senate Committee on Local and Foreign Debts, Senator Aliyu Wamakko
In a separate communication, Tinubu also sought approval to secure a $1 billion UK Export Finance loan facility from London Citi Bank.
The loan is intended for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
The President said the project aims to address critical infrastructure deficiencies in the country’s maritime sector.
He said the rehabilitation will help improve efficiency, enhance safety standards, and support Nigeria’s efforts to diversify its economy beyond oil while also strengthening Nigeria’s position as a regional trade hub.
