BREAKING: Tinubu seeks senate approval for $5bn loans to fund budget deficit

President Bola Tinubu has formally written to the Senate, requesting approval to secure a $5 billion loan.

In a letter addressed to the President of the Senate, Godswill Akpabio, and read during Tuesday’s plenary, the President stated that the loan would be sourced from Abu Dhabi Bank to cover the budget deficit and support debt financing, among other needs.

In a separate correspondence, Tinubu also sought Senate approval to obtain a $1 billion UK/EF loan facility from London Citi Bank. The funds, according to him, are intended for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.

Highlighting the purpose of the project, the President noted that its 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.”

Following the presentation of the letters, Akpabio referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wammakko, to carry out the necessary legislative actions and report back promptly.