President Bola Tinubu has requested Senate approval for $6 billion in new external loans, including $5 billion from Abu Dhabi Bank for budget financing and $1 billion from London Citi Bank for the rehabilitation of the Lagos and Tin Can port complexes
President Bola Tinubu has formally written to the Senate seeking approval for two major external loan facilities totaling $6 billion to address Nigeria’s mounting budget deficit and critical infrastructure gaps. In a letter read by Senate President Godswill Akpabio during Tuesday’s plenary on March 31, 2026, the President detailed a $5 billion request to be obtained from Abu Dhabi Bank. This substantial facility is designated for debt financing and covering the 2026 budget deficit, marking a significant strategic partnership with the United Arab Emirates-based lender as the federal government seeks to stabilize its fiscal outlook.
In a separate request, the President is seeking a $1 billion UK/EF loan facility from London Citi Bank specifically earmarked for the comprehensive rehabilitation of Nigeria’s premier maritime gateways. The funds are intended for the modernization of the Lagos Port Complex and the Tin Can Island Port, both of which have long faced infrastructure decay and operational bottlenecks. According to the President, the primary objectives of the port project are to “address critical deficiencies, improve efficiency, improve safety standards, support non-oil trade diversification and position Nigeria as a trade hub among others.” This request follows a high-level state visit to the United Kingdom earlier this month, where bilateral trade and infrastructure support were central themes.
Upon receiving the letters, Senate President Akpabio referred the requests to the Senator Aliyu Wamakko-led Senate Committee on Local and Foreign Debts for immediate legislative action. The committee is expected to scrutinize the terms and conditions of the loans, including interest rates and repayment schedules, before reporting back to the plenary for final approval. The move comes as the administration intensifies its “Renewed Hope” infrastructure agenda, aiming to stimulate economic growth and enhance the country’s competitiveness in regional trade through massive injections of foreign capital into the transport and maritime sectors.
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