President Bola Ahmed Tinubu has formally requested the approval of the House of Representatives to secure a $5 billion external loan from First Abu Dhabi Bank as part of efforts to support government spending and manage public finances.
The request was conveyed in a letter read on the floor of the House by Speaker Abbas Tajudeen following lawmakers’ resumption from the Sallah recess.
According to the President, the proposed facility complies with the provisions of the Debt Management Office Act, 2003, and is designed to establish a structured financing programme.
He noted that the loan would be disbursed in phases to fund budget implementation, invest in critical infrastructure, and refinance existing high-cost debts.
Tinubu explained that drawing the loan in tranches would help cushion its impact on Nigeria’s overall debt profile while ensuring that urgent financing needs are met as they arise.
In a related development, the President also sought legislative approval for a £1.95 billion UK-backed loan aimed at rehabilitating two of the country’s major seaports—the Lagos Port Complex and Tin Can Island Port Complex.
The funding arrangement, facilitated by Citibank, is intended to address decades of infrastructure decay that have left the ports operating at critical levels.
Tinubu stated that the project forms part of a broader plan to modernise Nigeria’s maritime infrastructure, enhance safety standards, improve operational efficiency, and strengthen the country’s position as a key regional maritime hub.
He disclosed that the loan package includes $901 million in commercial contract funding and UK insurance premiums, representing about 96 percent of the total project cost.
The President urged the House to approve the financing terms, noting that the proposal has already received endorsement from the Federal Executive Council (FEC).
