Tinubu Seeks Approval For $5bn Loan
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President Bola Ahmed Tinubu has asked the House of Representatives to approve a $5 billion external loan from First Abu Dhabi Bank to support government spending.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The request was presented in a letter read by Speaker Tajudeen Abbas after lawmakers resumed from the Sallah break.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Tinubu said the loan would be released in phases and used to fund the national budget, invest in key infrastructure, and refinance existing debts with higher costs.
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In a separate request, the president also sought approval for a £1.95 billion loan backed by the United Kingdom to rehabilitate the Lagos Port Complex and TinCan Island Port Complex.
The funding, arranged by Citibank in London, is aimed at fixing ageing port infrastructure, improving safety, and boosting efficiency in Nigeria’s maritime sector.
Tinubu said the project would strengthen Nigeria’s position as a regional shipping hub, noting that most of the funding covers commercial contracts and insurance tied to the rehabilitation works.
The proposed loans have already received backing from the Federal Executive Council and now await legislative approval.
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