By Our Correspondent

National News – President Bola Tinubu has formally requested the Nigerian Senate’s approval to secure $6 billion in external loans to support government financing and infrastructure projects.

The request, submitted in two separate letters, was read during Tuesday’s plenary session.

In the first letter, Tinubu seeks a $5 billion loan from Abu Dhabi Bank to cover the country’s budget deficit and meet debt obligations.

In a second letter, he requested $1 billion from London-based Citibank to fund rehabilitation and modernization of major port facilities, including the Lagos Port Complex and Tin Can Island Port.

The loans aim to address existing infrastructure gaps, enhance operational efficiency, improve safety standards, boost non-oil trade, and strengthen Nigeria’s position as a regional trade hub.

The letters were addressed to Senate President Godswill Akpabio, who referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko.

The committee is expected to review the proposals and provide prompt legislative recommendations.

Tinubu’s request underscores the government’s focus on improving national revenue streams, modernizing key transport infrastructure, and facilitating trade growth.

Officials have highlighted that the port upgrade project will directly improve cargo handling capacity, reduce congestion, and attract increased investment in Nigeria’s maritime sector.

The loans are seen as essential for closing the gap between budget allocations and urgent development projects.

Analysts note that the approval of these loans could have significant implications for Nigeria’s economic planning, currency stability, and international trade relations.

Lawmakers are now reviewing the proposals to ensure alignment with national economic priorities and fiscal sustainability.