By Abiola Olawale
President Bola Ahmed Tinubu has formally requested the National Assembly’s approval for a fresh $6 billion external loan aimed at financing critical infrastructure and bridging the 2026 budget deficit.
In a letter addressed to the President of Senate, Senator Godswill Akpabio and read during Tuesday’s plenary session, the President detailed that the borrowing plan is a strategic move to sustain the country’s “Renewed Hope” developmental agenda.
The $6 billion request is structured to address specific fiscal pressures as the administration navigates a complex economic recovery.
In the first letter, the President sought approval to obtain a $5 billion loan from Abu Dhabi Bank to help cover the country’s budget deficit and support debt financing obligations.
In a separate request, Tinubu asked the Senate to approve a $1 billion loan facility from London-based Citibank to fund the rehabilitation of key port infrastructure projects, including the Lagos Port Complex and the Tin Can Island Port.
According to the President, the port upgrade project is intended to fix existing infrastructure gaps, enhance operational efficiency, strengthen safety standards, promote non-oil trade and position Nigeria as a stronger regional trade hub.
Following the presentation of the requests, Akpabio referred the letters to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for legislative review and prompt consideration.
