Tinubu Seeks Senate Approval to Borrow $5 Billion for Budget and Port Infrastructure

President Bola Tinubu has formally requested the Senate’s approval to borrow $5 billion from Abu Dhabi Bank to address Nigeria’s budget deficit and debt financing needs.

In addition, the President is seeking authorization for a $1 billion loan facility from UK Export Finance through London Citi Bank to rehabilitate key port infrastructure, including the Lagos Port Complex and Tin Can Port.

According to Tinubu, the projects aim to address critical deficiencies, improve efficiency and safety standards, support non-oil trade diversification, and position Nigeria as a regional trade hub.

The Senate President, Ahmed Lawan, referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wammakko, for legislative scrutiny and immediate reporting.

Further details on the approval process and implementation are expected in the coming weeks as the Senate deliberates on the loan proposals.