The Senate has approved President Bola Tinubu’s request to secure external loans totalling $6 billion.
The approval came just hours after Senate President Godswill Akpabio read the President’s request during plenary.
Lawmakers gave the green light after considering a report presented by the committee on local and foreign debts, chaired by Senator Aliyu Wamakko.
Tinubu’s request was conveyed in two separate letters addressed to the Senate leadership.
In the first, he sought approval for a $5 billion structured total return swap financing arrangement with First Abu Dhabi Bank in the United Arab Emirates.
The second letter requested a $1 billion export finance facility from the United Kingdom, arranged by Citibank’s London branch.
According to the President, the funds will be used to rehabilitate and upgrade the Lagos Port Complex and Tin Can Island Port.
