The Nigerian Senate has approved a request by President Bola Ahmed Tinubu to secure external loans totaling $6 billion.
The approval came just hours after Senate President Godswill Akpabio read the President’s request during plenary on Tuesday.
Lawmakers granted the approval following the presentation and consideration of a report by the Committee on Local and Foreign Debts, chaired by Aliyu Wamakko.
According to details of the request, the President sought approval in two separate letters. The first was for the establishment of a structured Total Return Swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank of the United Arab Emirates.
In the second letter, Tinubu requested approval for a $1 billion UK export finance loan facility arranged by Citibank’s London branch.
The President explained that the funds would be used for the reconstruction and rehabilitation of key infrastructure, including the Lagos Port Complex and Tin Can Island Port.