The Nigerian Senate has granted approval to President Bola Tinubu to secure external loans totalling $6 billion.
The approval was given just hours after Senate President Godswill Akpabio read the president’s request during plenary on Tuesday.
The upper chamber endorsed the borrowing plan following the presentation and adoption of a report by the Committee on Local and Foreign Debts, chaired by Aliyu Wamakko.
Earlier, the president had formally communicated the request through two separate letters to the Senate leadership. In the first, he sought approval for a structured total return swap (TRS) external financing program of up to $5 billion to be arranged with First Abu Dhabi Bank.
In the second letter, Tinubu requested authorization for a $1 billion loan facility backed by UK export finance and arranged by Citibank.
According to the president, the funds will be deployed for the reconstruction and rehabilitation of key maritime infrastructure, including the Lagos Port Complex and Tin Can Island Port.
