Bola Tinubu has written the Senate seeking approval to borrow $5 billion (approximately N6.9 trillion).
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The president’s request was contained in a letter read by the Senate President, Godswill Akpabio, during the plenary on Tuesday, March 31, 2026.
According to the letter, the loan will be obtained from Abu Dhabi Bank and will be used to cover the budget deficit and debt financing, among other purposes.
In another letter to the Senate, President Tinubu is seeking approval to borrow a $1 billion UK/EF loan facility from London Citibank for the rehabilitation of port projects, including the Lagos Port Complex and Tin Can Port.
According to the President, the project’s objectives are to address critical deficiencies, improve efficiency, improve safety standards, support non-oil trade diversification, and position Nigeria as a trade hub, among others.
Akpabio then referred the letters to Senator Aliyu Wammakko-led Senate Committee on Local and Foreign Debts to carry out legislative actions on the request and report back immediately.