Tinubu $6bn loan request submitted to Senate for approval to fund Nigeria’s deficit and port infrastructure rehabilitation projects
President Bola Tinubu has formally requested the approval of the Nigerian Senate for a total borrowing of $6 billion, in Abuja on Tuesday, to support the country’s fiscal stability and infrastructure development, according to a letter read during plenary by Senate President Godswill Akpabio.
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In the correspondence addressed to the Senate, President Tinubu sought approval for a $5 billion loan facility from Abu Dhabi Bank.
The proposed funds are intended to help finance the national budget deficit and meet key debt obligations, reflecting the government’s ongoing efforts to manage fiscal pressures and stabilise public finances.
In a separate request, President Tinubu also asked lawmakers to approve a $1 billion loan facility from London Citi Bank under a UK Export Finance arrangement.
The funding is earmarked for the rehabilitation of major port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
The administration stated that the port rehabilitation initiative is designed to address long-standing infrastructural deficiencies that have affected efficiency and safety within Nigeria’s maritime sector.
Officials emphasised that the project would enhance operational capacity and contribute to broader economic objectives, particularly in boosting non-oil trade.
The plan is also expected to strengthen Nigeria’s position as a regional trade hub, supporting increased commercial activity and improving the country’s competitiveness in global logistics and shipping networks.
Following the presentation of the letters, Senate President Akpabio referred the loan requests to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for detailed legislative review.
The committee is expected to examine the proposals and report back to the chamber for further consideration.
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The development comes at a time when the federal government continues to balance infrastructure investment needs with fiscal constraints, as borrowing remains a key instrument in financing national development priorities.
