Tinubu seeks senate approval for $6bn foreign loan

The Federal Government of Nigeria has launched efforts to secure $6 billion in fresh external financing from lenders in the United Arab Emirates (UAE) and the United Kingdom, aiming to boost budget implementation and fund critical infrastructure projects.

President Bola Tinubu, in separate communications to the Senate, revealed that the government plans to obtain $5 billion from First Abu Dhabi Bank and an additional $1 billion from UK Export Finance.

Tinubu said the $5 billion facility is intended to plug financing gaps in the 2026 budget, while the $1 billion loan will be deployed towards the rehabilitation of Lagos ports, a key component of Nigeria’s trade and logistics infrastructure.

Senate President Godswill Akpabio on Tuesday formally presented the request to lawmakers during plenary.

The proposed borrowings come amid ongoing efforts by the government to bolster fiscal capacity and address infrastructure deficits, particularly in the maritime sector.

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