TINUBU REQUESTS SENATE’S APPROVAL TO SECURE $6BN LOAN
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By: Muftau Fatimo
President Bola Tinubu has requested the Senate for approval to secure $6 billion in external loans to support government financing requirements.
The request was made through two letters addressed to Senate President Godswill Akpabio and was read during Tuesday’s plenary session.
In the first letter, Tinubu sought approval to obtain a $5 billion loan from Abu Dhabi Bank to help cover the national budget deficit and meet debt obligations.
Separately, he requested the Senate’s consent for a $1 billion loan facility from London-based Citibank to fund the rehabilitation of major port infrastructure projects, including the Lagos Port Complex and Tin Can Island Port.
The President stated that the port upgrade project aims to address infrastructure gaps, improve operational efficiency, enhance safety standards, boost non-oil trade, and strengthen Nigeria’s position as a regional trade hub.
After the requests were presented, Senate President Godswill Akpabio referred the letters to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for legislative review and urgent consideration.
More details to follow….
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