JUST IN : SENATE GRANTS APPROVAL FOR TINUBU’S $6 BILLION LOAN REQUEST
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By: Muftau Fatimo
The Nigerian Senate has given the green light to President Bola Tinubu’s request to secure external loans amounting to $6 billion.
The approval came just four hours after Senate President Godswill Akpabio read out the President’s letter seeking authorization.
Following the presentation and review of a report by the Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, the upper chamber of the National Assembly sanctioned the loans.
The media had earlier reported that President Tinubu’s latest loan request was presented in two separate letters addressed to the Senate President and read during Tuesday’s plenary session.
In the first letter, Tinubu sought approval to set up a structured total return swap (TRS) external financing program of up to $5 billion with First Abu Dhabi Bank, United Arab Emirates.
In the second letter, the President requested Senate approval for a $1 billion UK export finance loan facility, arranged through Citibank’s London branch.
He noted that the funds would be allocated for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.
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