The Nigerian Senate has approved the request of President Bola Tinubu to secure external loans totaling $6 billion.
The approval came barely four hours after Senate President Godswill Akpabio read the President’s request letter on the Senate floor.
The upper chamber of the National Assembly of Nigeria granted approval following the presentation and consideration of a report by the Committee on Local and Foreign Debts, chaired by Aliyu Wamakko.
Earlier, it was reported that President Tinubu’s loan request was detailed in two separate letters addressed to the Senate President and read during plenary on Tuesday.
In the first letter, the President sought approval to establish a structured total return swap TRS external financing programme of up to $5 billion with First Abu Dhabi Bank in the United Arab Emirates.
In the second letter, Tinubu requested Senate approval for a $1 billion UK export finance loan facility arranged by Citibank.
He explained that the facility would be used for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.
