President Bola Tinubu has written the Senate seeking approval to borrow $5 billion.
In a letter to the President of the Senate, Senator Godswill Akpabio, which was read on Tuesday during plenary, the loan will be obtained from Abu Dhabi Bank and it is aimed at covering budget deficit, debt financing, among others.
In another letter to the Senate, President Tinubu is seeking approval to borrow $1 billion UK/EF loan facility from London Citi Bank for the rehabilitation of port projects, including Lagos Port complex and Tin Can port.
According to the President, the project’s objectives are to address critical deficiencies, improve efficiency, improve safety standards, support non-oil trade diversification and position Nigeria as a trade hub among others.
Akpabio then referred the letters to Senator Aliyu Wammakko-led Senate Committee on Local and Foreign Debts to carry out legislative actions on the request and report back immediately.