The Nigerian Senate has approved President Bola Tinubu's request for external loans totalling $6 billion. The approval is coming barely four hours after the Senate President, Godswill Akpabio, read the letter from the President at the hallowed chamber, seeking the approval.
The lawmakers approved the loans after the presentation and consideration of a report by the Senator Aliyu Wamakko-led Committee on Local and Foreign Debts.
Earlier, President Tinubu’s latest loan request was contained in two separate letters addressed to the red chamber of the Senate, which was read during plenary on Tuesday.
As stated in the first letter, Tinubu requested approval to establish a structured total return swap (TRS) external financing program of up to $5 billion with First Abu Dhabi Bank of the United Arab Emirates.
In the second letter, the president also asked the Senate to approve a $1 billion UK export finance loan facility arranged by Citibank's London branch.
He stated that the loan would facilitate the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.
