Breaking: Senate Approves Tinubu’s $6bn Borrowing Plan

The approval came on the same day the request was presented on the floor by Senate President Godswill Akpabio.

Lawmakers endorsed the loan after considering a report presented by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Aliyu Wamakko.

According to reports, President Tinubu had written to the Senate requesting approval to borrow $6 billion to finance major government projects and address budget shortfalls.

The proposal was contained in two separate letters addressed to the Senate President and read during Tuesday’s plenary session.

In one of the letters, the President sought approval for a $5 billion loan from Abu Dhabi Bank, which he said would help cover the country’s budget deficit and support debt-related obligations.

He explained that the facility is part of efforts to stabilize public finances and sustain ongoing government programmes.

In another request, Tinubu asked for a $1 billion loan from UK Export Finance through London Citi Bank to fund the rehabilitation of major port infrastructure, including the Lagos Port Complex and Tin Can Island Port.

He noted that the project aims to address infrastructure gaps in the maritime sector, improve operational efficiency, enhance safety, and support Nigeria’s drive to diversify its economy away from oil while strengthening its position as a regional trade hub.