The Nigerian Senate has approved President Bola Tinubu’s request to secure $6 billion in external loans to support budget financing and infrastructure development.
The approval followed the consideration of a report by the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko.
According to the request presented during plenary by Senate President Godswill Akpabio, the borrowing plan includes $5 billion from Abu Dhabi Bank for budget deficit funding and debt obligations.
A separate $1 billion facility is to be sourced from UK Export Finance through Citibank in London to rehabilitate critical port infrastructure.
The projects target the Lagos Port Complex and Tin Can Island Port, aimed at improving operational efficiency, safety standards, and boosting non-oil trade.
Lawmakers fast-tracked the approval after the committee was directed to review and report on the request promptly.
The latest move reflects the Federal Government’s continued reliance on borrowing to bridge fiscal gaps and fund priority projects. Earlier, the National Assembly approved plans to raise N1.15 trillion from the domestic market to support the 2025 budget.
Officials say the infrastructure investments are expected to strengthen Nigeria’s maritime sector and enhance its position as a regional trade hub.
