Nigeria’s President, Bola Ahmed Tinubu, has asked the National Assembly to approve $6 billion in new external loans to fund infrastructure projects, support debt servicing, and modernize key ports.
In a letter read during plenary by Senate President Godswill Akpabio, Tinubu requested approval for a $5 billion facility from First Abu Dhabi Bank. If approved, Nigeria’s public debt would rise from about $110.3 billion to $115.3 billion.
The president called for urgent consideration, noting the loan would be backed by naira-denominated securities as collateral.
In a separate request, Tinubu also sought approval for a $1 billion loan to rehabilitate the Lagos Port Complex and Tin Can Island Port, with financing arranged by Citibank London and supported by UK Export Finance.
He said the port upgrades would address infrastructure gaps, improve efficiency and safety, and align operations with global standards, while supporting economic growth. Both requests have been referred to the Senate Committee on Local and Foreign Loans for review.