The Nigerian Senate has approved President Bola Tinubu’s request to secure $5 billion from First Abu Dhabi Bank and an additional $1 billion facility arranged by Citibank London to support government financing and rehabilitate critical port infrastructure, Peak Newspaper reports
The approval followed the consideration of two separate loan requests presented to the National Assembly, which were read during plenary by Senate President Godswill Akpabio.
The $5 billion facility, structured as a Total Return Swap financing arrangement with First Abu Dhabi Bank, is to be disbursed in tranches and will be used to support budget implementation, fund key infrastructure projects, and refinance existing domestic and external debts.
President Tinubu explained that the financing would also help the Federal Government meet urgent fiscal obligations and improve liquidity management within the economy.
In a separate request, the Senate also approved a $1 billion export finance facility backed by UK Export Finance and arranged through Citibank in London for the rehabilitation and modernisation of the Lagos Port Complex in Apapa and Tin Can Island Port.
The port rehabilitation project is aimed at addressing long-standing infrastructure deficiencies, improving efficiency, enhancing safety standards, and boosting Nigeria’s capacity as a major maritime and trade hub.
The loans form part of the Federal Government’s broader strategy to strengthen fiscal stability, support infrastructure development, and reposition the economy, even as concerns continue to be raised over Nigeria’s rising debt profile.
