Tinubu seeks Senate approval to borrow $6bn
President Bola Tinubu has asked the Senate to approve his plan to borrow $5 billion from Abu Dhabi Bank to cover for budget deficit, debt financing, among others.
Senate President Godswill Akpabio read the president’s letter during plenary on Tuesday.
In another letter to the Senate, Tinubu is seeking approval to borrow $1 billion UK/EF loan facility from London Citi Bank for the rehabilitation of port projects, including Lagos Port complex and Tin Can port.
According to the president, the project’s objectives are to address critical deficiencies, improve efficiency, improve safety standards, support non-oil trade diversification and position Nigeria as a trade hub among others.
Akpabio then referred the letters to Senator Aliyu Wammakko-led Senate Committee on Local and Foreign Debts to carry out legislative actions on the request and report back immediately.
Details later…
