President Bola Tinubu has asked the Senate to approve fresh external loans to support the country’s finances and carry out key projects.
The request was presented in two separate letters sent to Senate President Godswill Akpabio and read during plenary on Tuesday, March 31, 2026.
In the first letter, the president is asking to borrow five billion dollars from Abu Dhabi Bank.
The loan is expected to help cover the budget shortfall and handle existing financial obligations.
In the second request, Tinubu is seeking approval to obtain a one billion dollar loan facility from a UK-based financial institution, Citi Bank in London.
This fund is planned for the repair and upgrade of major port facilities in the country, including the Lagos Port Complex and Tin Can Island Port.
The president explained that the port project is meant to fix long-standing problems, improve how the ports operate, make them safer, and support trade outside oil.
The plan is also aimed at helping Nigeria become a stronger centre for trade.
After the letters were read, Senate President Akpabio directed the requests to the Senate Committee on Local and Foreign Debts, led by Senator Aliyu Wammakko.
The committee is expected to review the proposals and report back to the Senate as soon as possible.
