…Tinubu also sought the Senate’s approval for a $1 billion UK/EF loan facility from London Citi Bank
ABUJA, NIGERIA- The iNews Times | President Bola Tinubu has formally written to the Senate, requesting approval to secure a $5 billion loan.
In a letter addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary, the proposed borrowing, sourced from Abu Dhabi Bank is intended to address the budget deficit and support debt financing, among other needs.
In a separate correspondence, Tinubu also sought the Senate’s approval for a $1 billion UK/EF loan facility from London Citi Bank to fund the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
The President explained that the projects are designed to tackle critical infrastructure gaps, boost operational efficiency, enhance safety standards, promote non-oil trade diversification, and strengthen Nigeria’s position as a regional trade hub.
Following the presentation, Akpabio referred both requests to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wammakko, for legislative consideration and prompt reporting.
Details to follow…
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