President Bola Tinubu has requested Senate approval to borrow $5 billion from Abu Dhabi Bank to address Nigeria’s budget deficit and debt financing needs.
Additionally, Tinubu is seeking approval for a $1 billion UK Export Finance loan facility from London Citi Bank to rehabilitate key port infrastructure, including 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.
He noted that the project will boost non-oil trade, strengthen Nigeria’s competitiveness in regional and global commerce, and position the country as a major trade in West Africa.
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.
The committee chaired by former Governor of Sokoto state, Sen. Aliyu Wamakko, is expected to review the request and file its report to the Senate for final consideration as soon as possible.
