President Bola Tinubu has formally written to the Senate, seeking approval to borrow $5 billion from Abu Dhabi Bank to support Nigeria’s budget deficit and debt financing, ENigeria Newspaper has learnt.
In a separate request, the President also asked the upper chamber to approve a $1 billion UK/EF loan facility from London Citi Bank. The funds are earmarked for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port, aiming to enhance efficiency, safety, and support the diversification of non-oil trade.
The letters were read during Tuesday’s plenary by Senator Godswill Akpabio and referred to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wammakko, for legislative scrutiny and prompt reporting.
These requests come as part of a broader borrowing strategy by the Tinubu administration. Since 2025, the government has secured approvals for over $21 billion in external loans, a ₦1.15 trillion domestic borrowing program, and $1.7 billion from the World Bank, primarily to fund infrastructure and budgetary needs.
These requests are a part of the Tinubu administration’s larger borrowing plan. Over $21 billion in foreign loans, a ₦1.15 trillion domestic borrowing scheme, and $1.7 billion from the World Bank have all been approved by the government since 2025, mostly for budgetary and infrastructural requirements.
An earlier £746 million export finance agreement with the United Kingdom, which was signed in 2025 to help the reconstruction of Apapa and Tin Can Island ports, is followed by the port-related loan. A £70 million contract for British Steel to deliver 120,000 tonnes of steel was part of the UK Export Finance-backed project, which mandated that at least 20% of project components come from the UK.
