President Tinubu has asked the Senate for permission to borrow $6 billion from foreign banks to address the country's budget deficit and fund key infrastructure projects.
The President's request, contained in two separate letters to Senate President Godswill Akpabio, includes a $5 billion loan from Abu Dhabi Bank to cover the budget deficit and meet debt obligations.
Tinubu also sought a $1 billion loan from London-based Citibank to upgrade Nigeria's port infrastructure, including the Lagos Port Complex and the Tin Can Island Port.
According to the President, the port upgrade project aims to fix existing infrastructure gaps, enhance operational efficiency, and promote non-oil trade, ultimately positioning Nigeria as a stronger regional trade hub.
The Senate has referred the President's requests to the Senate Committee on Local and Foreign Debts for review and consideration.
