ABUJA: Bola Ahmed Tinubu has formally requested the approval of the Nigerian Senate to secure external loans totalling $6 billion to support the country’s fiscal needs and finance critical infrastructure projects.
The request was conveyed through two separate letters addressed to the Senate President, Godswill Akpabio, and read during Tuesday’s plenary session at the National Assembly in Abuja.
According to the President, the proposed borrowing is intended to address government financing requirements, cover budget deficits and fund strategic infrastructure upgrades aimed at improving Nigeria’s economic competitiveness.
In the first letter, Tinubu sought legislative approval to obtain a $5 billion loan facility from First Abu Dhabi Bank.
The President explained that the loan would help support Nigeria’s budgetary financing needs and assist the Federal Government in meeting existing debt obligations.
Nigeria has in recent years relied on both domestic and external borrowing to bridge fiscal gaps, particularly as the government seeks to expand infrastructure development and stabilise the economy.
In a separate communication, the President also requested the Senate’s approval to obtain $1 billion from Citibank, a London-based global financial institution.
This facility, Tinubu said, would be specifically used to finance the rehabilitation and modernisation of key maritime infrastructure in the country.
The proposed $1 billion loan would fund the rehabilitation of two of Nigeria’s busiest seaports — the Lagos Port Complex and the Tin Can Island Port.
Both facilities, located in Lagos, handle a significant portion of Nigeria’s maritime trade but have long faced challenges related to ageing infrastructure, congestion and operational inefficiencies.
According to the President, the upgrade project aims to address existing infrastructure gaps and improve port efficiency in order to strengthen Nigeria’s position as a regional trade hub.
The rehabilitation is also expected to improve safety standards, enhance cargo handling capacity and promote the growth of non-oil exports, which the government has identified as a key strategy for economic diversification.
Following the presentation of the request during plenary, Senate President Akpabio referred the letters to the Senate Committee on Local and Foreign Debts for further legislative scrutiny.
The committee, chaired by Aliyu Wamakko, has been mandated to review the proposal and present its recommendations to the Senate for consideration.
Lawmakers are expected to examine the loan terms, repayment structure and potential economic implications before granting final approval.
The borrowing request comes amid ongoing national conversations about Nigeria’s rising debt profile and the sustainability of government borrowing.
Economic analysts have frequently warned that while borrowing can help finance critical infrastructure projects, excessive debt accumulation could place additional pressure on the country’s finances.
However, the Federal Government has maintained that the loans are necessary to fund strategic projects capable of stimulating economic growth and boosting revenue generation.
The Tinubu administration has repeatedly emphasized infrastructure development as a cornerstone of its economic reform agenda.
Officials believe that modernizing ports and improving trade infrastructure will not only increase government revenue but also attract foreign investment and support Nigeria’s ambition to become a leading economic hub in West Africa.
If approved by the Senate, the loans are expected to play a key role in funding these initiatives while helping the government manage immediate fiscal challenges.
Further details on the proposed borrowing plan are expected to emerge as lawmakers begin deliberations in the coming days.
