Senate Approved $6bn Loan Request of Tinubu

Post created on 11:45 am

Barely four hours after Senate President Godswill Akpabio read the two separate letters from President Bola Ahmed Tinubu requesting a loan of $6 billion, the request was approved.

The external loan program requested by President Tinubu is to establish a structured total return swap (TRS) of up to $5 billion with First Abu Dhabi Bank of the United Arab Emirates.

The remaining $1 billion is from the UK Export Finance loan facility arranged by Citibank, London branch, which will be used for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.

The red chamber approved the loans on Tuesday after the presentation of a report by the Senator Aliyu Wamakko-led Committee on Local and Foreign Debts.