Senate approves President Tinubu’s $6 billion loan request
The Nigerian Senate has approved President Bola Tinubu’s request to secure external loans totalling $6 billion.
The approval came just hours after Senate President Godswill Akpabio read the president’s request during plenary. The red chamber granted the request following the consideration of a report by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko.
Tinubu had outlined the request in two separate letters to the Senate. The first sought approval for a $5 billion structured total return swap financing arrangement with First Abu Dhabi Bank, while the second requested a $1 billion loan facility from UK Export Finance through Citibank.
According to the president, part of the funds will be used to rehabilitate and reconstruct the Lagos Port Complex and Tin Can Island Port.
