What Senate did after Tinubu’s $6bn loan request will shock you

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The request from President Bola Tinubu for a total of $6 billion in external loans has been approved by the Nigerian Senate.

It comes just a little over four hours after Senate President Godswill Akpabio read the President’s letter requesting the approval.

After the presentation and examination of a report by the Committee on Local and Foreign Debts, led by Senator Aliyu Wamakko, the red chamber of the National Assembly sanctioned the loans.

The latest loan request from President Tinubu was included in two letters sent to the Senate President, which were read during the Tuesday plenary session.

Tinubu sought the green light in his initial letter to set up a structured total return swap (TRS) external financing arrangement of as much as $5 billion with First Abu Dhabi Bank from the UAE.

In the second letter, the President also requested that the Senate authorize a Citibank (London branch)-arranged UK export finance loan facility worth $1 billion.

He mentioned that the loan would fund the reconstruction and rehabilitation of both the Lagos Port Complex and Tin Can Island Port.

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