The Senate under the leadership of Senator Godswill Akpabio has given its approval for a new $6 billion loan request presented by President Bola Ahmed Tinubu.
The approval was given on Tuesday, the same day the request was officially read during plenary by Senate President Godswill Akpabio.
Theliberationnews observed that the senate’s consent followed the review of a report submitted by the Chairman of the Senate Committee on Local and Foreign Debts, Aliyu Wamakko. After considering the report, lawmakers agreed to grant the President’s request.
Earlier, President Tinubu had written to the Senate, asking for permission to borrow the funds to support important government projects and cover budget shortfalls. The request was presented in two separate letters addressed to the Senate leadership and read during the session.
In the first letter, the President asked for approval to secure a $5 billion loan from Abu Dhabi Bank. He explained that the funds would help address the country’s budget deficit and assist with debt-related financial responsibilities.
The loan request is part of the government’s broader plan to stabilise public finances and ensure that key programmes continue without disruption.
In another letter, the President also requested approval for a $1 billion loan facility from UK Export Finance through London Citi Bank. This loan is meant to fund the rehabilitation of major port facilities, including the Lagos Port Complex and Tin Can Island Port.
According to the President, the project is designed to fix major infrastructure problems in the maritime sector. He noted that upgrading the ports would improve operational efficiency, boost safety, and support efforts to expand the economy beyond oil.
He also stated that the development would help strengthen Nigeria’s role as a key trade hub in the region.
Both loan requests have now been fully approved by the Senate.
