The Senate has swiftly approved a $6 billion loan request from President Tinubu to finance key infrastructure projects.
The Nigerian Senate has given its nod to President Bola Tinubu’s request for external loans totaling $6 billion.
This approval came just four hours after the Senate President, Godswill Akpabio, read the President's letter on the floor.
The decision followed the consideration of a report presented by the Senate Committee on Local and Foreign Debts. The committee is chaired by Senator Aliyu Wamakko.
President Tinubu’s request was sent in two separate letters. The first sought approval for a $5 billion financing programme with First Abu Dhabi Bank in the United Arab Emirates.
The second letter requested a $1 billion loan facility arranged by Citibank in London. According to the President, this specific amount is dedicated to fixing the Lagos Port Complex and Tin Can Island Port.
The rehabilitation of these ports is expected to boost the nation's maritime operations.
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