The Federal Government has commenced moves to obtain fresh external loans totaling $6 billion from lenders in the United Arab Emirates and the United Kingdom to support budget implementation and critical infrastructure projects.
President Bola Ahmed Tinubu, in separate letters addressed to the Senate, sought approval for a $5 billion facility from First Abu Dhabi Bank and an additional $1 billion loan from UK Export Finance.
According to the President, the $5 billion loan is intended to bridge financing gaps in the 2026 budget, while the $1 billion facility will finance the rehabilitation of Lagos Port Complex to improve trade and logistics operations.
The requests were presented during Tuesday’s plenary, with Senate President Godswill Akpabio reading the letters before lawmakers.
The proposed borrowing forms part of government efforts to strengthen fiscal capacity and address infrastructure deficits, particularly in the maritime sector.
More details shortly.
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