Chukwu Obinna 
ABUJA, Nigeria – The Nigerian Senate approves a fresh $6 billion external loan request submitted by President Bola Ahmed Tinubu to finance key infrastructure and budgetary needs.
Lawmakers grant approval on Tuesday shortly after the request is read during plenary by Senate President Godswill Akpabio.
The decision follows the presentation of a report by Senate Committee Chairman on Local and Foreign Debts, Aliyu Wamakko, recommending approval.
The borrowing plan includes a $5 billion facility from Abu Dhabi Bank to support budget deficits and stabilise public finances.
In a separate request, the president seeks and secures approval for a $1 billion facility from London’s Citi Bank, backed by UK Export Finance, to rehabilitate critical port infrastructure.
The projects target upgrades at Lagos Port Complex and Tin Can Island Port to improve efficiency, safety and trade capacity.
Tinubu says the funding will address infrastructure gaps and strengthen Nigeria’s position as a regional trade hub while supporting economic diversification beyond oil.
Both loan requests form part of the government’s broader fiscal strategy to sustain development programmes amid revenue pressures.
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