President Bola Tinubu has requested the approval of the House of Representatives to obtain a $5 billion external loan from First Abu Dhabi Bank of the United Arab Emirates.
The President’s request was contained in a letter read on the floor by Speaker Abbas Tajudeen on resumption from the Sallah recess.
He explained that the proposed loan was in line with the Debt Management Office Act, 2003, and aimed at establishing a structured financing programme to support government spending.
According to President Tinubu, the loan will be released in phases and used to fund budget implementation, invest in priority infrastructure, and refinance existing debts considered more expensive.
He said the facility will help the government meet urgent financing needs as they arise.
The President explained in the letter that drawing the loan in tranches will help manage its impact on the country’s debt burden.
Similarly, President Bola Ahmed Tinubu has asked the House of Representatives to approve a £1.95 billion UK-backed loan to rehabilitate two of the nation’s key ports, namely Lagos Port Complex and TinCan Island Port Complex.
In a letter read on the floor of the House by Speaker Tajudeen, the President said the funding, arranged by Citibank in London, will restore ports that have reached critical levels of infrastructure failure after decades of operation.
According to the President, the initiative forms part of a broader strategy to modernise the country’s maritime facilities, improve safety, increase efficiency, and strengthen Nigeria’s role as a regional maritime hub.
The proposed loan covers $901 million in commercial contract funding and UK insurance premiums, representing 96 per cent of the total project cost.
President Tinubu requested the House to approve the financing terms, which have already been endorsed by the Federal Executive Council (FEC).
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