By Christiana Ekpa
President Bola Ahmed Tinubu has formally approached the House of Representatives for approval to secure a $5 billion external loan from First Abu Dhabi Bank in the United Arab Emirates, alongside a £1.95 billion UK-backed facility to overhaul Nigeria’s key ports.
The request, conveyed in separate letters read on the floor by Speaker Abbas Tajudeen after the Sallah recess, is part of the administration’s broader financing strategy to support budget implementation and infrastructure development.
Tinubu explained that the $5bn facility would be disbursed in phases to fund priority projects, refinance costly existing debts, and address urgent government spending needs.
He noted that the phased drawdown would help manage the country’s rising debt burden.
In a related move, the President also sought legislative approval for a £1.95bn loan arranged by Citibank London to rehabilitate the Lagos Port Complex and TinCan Island Port Complex.
He described the ports as being in critical condition after decades of use.
According to him, the port upgrade is aimed at boosting efficiency, enhancing safety, and positioning Nigeria as a stronger maritime hub in the region.
The proposed financing structure, already endorsed by the Federal Executive Council, includes $901 million in commercial contract funding and UK insurance premiums, covering 96% of the total project cost.
The House is expected to deliberate on the requests in the coming days.
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