BREAKING: Tinubu seeks Senate’s approval to borrow $6bn

 

President Bola Tinubu has written the Senate seeking approval to borrow $6 billion.

In a letter to the President of the Senate, Senator Godswill Akpabio, which was read on Tuesday during plenary, the loan will be obtained from Abu Dhabi Bank and it is aimed at covering budget deficit, debt financing, among others.

 

 

In another letter to the Senate, President Tinubu is seeking approval to borrow $1 billion UK/EF loan facility from London Citi Bank for the rehabilitation of port projects, including Lagos Port complex and Tin Can port.

According to the President, the project’s objectives are to address critical deficiencies, improve efficiency, improve safety standards, support non-oil trade diversification and position Nigeria as a trade hub among others.

Akpabio then referred the letters to Senator Aliyu Wammakko-led Senate Committee on Local and Foreign Debts to carry out legislative actions on the request and report back immediately.

Details later…

Related Posts

Cost of healthy diet per day hit N1,513 in February – NBS

  The National Average Cost of a Healthy Diet (CoHD) per adult a day stood at N1,513 as at February, the National Bureau of Statistics (NBS) has said. The NBS…

CBN Holds Monetary Policy Rate Steady At 26.5%

  The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has voted to retain the Monetary Policy Rate (MPR) at 26.5% following its 305th meeting, which recorded the…

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

NSCDC officer gunned down, daughter abducted in Kogi

  • By admin
  • June 9, 2026
  • 5 views
NSCDC officer gunned down, daughter abducted in Kogi

Nobody can stop me from visiting any part of Nigeria – Gumi

  • By admin
  • June 9, 2026
  • 9 views
Nobody can stop me from visiting any part of Nigeria – Gumi

TikTok removes four million videos, disrupts 86,000 LIVE sessions in Nigeria — Report

  • By admin
  • June 9, 2026
  • 9 views
TikTok removes four million videos, disrupts 86,000 LIVE sessions in Nigeria — Report

EFCC arraigns native doctor, wife over ‘N1bn contract fraud’

  • By admin
  • June 9, 2026
  • 7 views
EFCC arraigns native doctor, wife over ‘N1bn contract fraud’

Army confirms killing of soldier, four hostages in Ogun abduction

  • By admin
  • June 9, 2026
  • 5 views
Army confirms killing of soldier, four hostages in Ogun abduction

Unsafe food kills over 53,000 Nigerians, causes 50 million illnesses annually, says minister

  • By admin
  • June 9, 2026
  • 6 views
Unsafe food kills over 53,000 Nigerians, causes 50 million illnesses annually, says minister