The Federal Government has initiated moves to secure fresh external financing totalling $6bn from lenders in the United Arab Emirates and the United Kingdom, in a bid to support budget implementation and critical infrastructure upgrades.
In separate communications to the Senate, President Bola Tinubu outlined plans to obtain $5 billion from First Abu Dhabi Bank and an additional $1 billion from UK Export Finance.
According to the President, the $5 billion facility is intended to plug financing gaps in the 2026 budget, while the $1 billion loan will be deployed towards the rehabilitation of Lagos ports, a key component of Nigeria’s trade and logistics infrastructure.
The requests were formally presented to lawmakers during plenary on Tuesday, with Senate President Godswill Akpabio reading the letters on the floor of the upper chamber.
The proposed borrowings come amid ongoing efforts by the government to bolster fiscal capacity and address infrastructure deficits, particularly in the maritime sector.
Details shortly…
