By President Bola Ahmed Tinubu has formally approached the Senate for approval of external borrowing totaling $6 billion, aimed at financing infrastructure projects, servicing existing debt, and upgrading critical port facilities.
The request was conveyed in a letter to Senate President Godswill Akpabio and presented during Tuesday’s plenary session.
According to the President, $5 billion of the proposed borrowing is expected from First Abu Dhabi Bank. Approval of the facility would increase Nigeria’s public debt profile from $110.3 billion to an estimated $115.3 billion.
Tinubu urged lawmakers to consider the request as a matter of urgency, explaining that the loan would be backed by naira-denominated assets as security.
In a separate communication, the President also sought approval for an additional $1 billion loan to fund the rehabilitation of the Lagos Port Complex and Tin Can Island Port. The financing arrangement is being handled by Citibank London, with support from UK Export Finance.
The administration noted that the port upgrade is designed to improve operational efficiency, enhance safety standards, and bring facilities in line with global best practices.
It added that the intervention would help resolve longstanding infrastructure challenges and strengthen economic activities linked to maritime trade.
Details of the financing indicate a repayment period of 14 years, including a 48-month drawdown phase, alongside an availability fee of 1.1 percent and a 1.07 percent premium under the UK Export Finance structure.
Both loan proposals have been referred to the Senate Committee on Local and Foreign Loans for further legislative review, with instructions to report back to plenary without delay.
