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President Bola Tinubu has written to the Nigerian Senate requesting approval for a borrowing plan totalling $6 billion. In a letter addressed to the President of the Senate, Godswill Akpabio, and read during Tuesday’s plenary, a $5 billion loan from Abu Dhabi Bank was announced to cover the country’s budget deficit and help finance existing debt obligations.
With Nigeria’s total debt stock currently standing at $110 billion and a staggering ₦159 trillion, the borrowing plan is seen as a critical step to ensure the government can meet its financial commitments.
Additionally, the President has submitted another request for the approval of a $1 billion loan facility from Citibank in the United Kingdom. This loan, under the UK/EF Premium scheme, is earmarked for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Port.
The project’s primary objectives are to address critical port deficiencies, enhance operational efficiency, improve safety standards, and support Nigeria’s non-oil trade diversification efforts. By improving the ports, the government aims to position Nigeria as a major trade hub, thereby boosting its economy.
Both loan requests have been referred to the Senate’s Committee on Local and Foreign Debt for further legislative action. The committee is expected to review the proposals and make recommendations for the Senate’s final decision.
The President’s borrowing requests come at a time when Nigeria is grappling with significant economic challenges, and the government is seeking financial solutions to stimulate growth and development.
