- President Bola Tinubu has requested National Assembly approval for external loans totalling six billion dollars
- The borrowing plan had included a five billion dollar facility from First Abu Dhabi Bank
- A separate one billion dollar UK export finance loan backed by Citibank had also been submitted for legislative approval
President Bola Tinubu has formally requested legislative approval for external borrowing valued at six billion dollars. The request was conveyed to the National Assembly through two separate letters presented during plenary on Tuesday.
The Cable reported that the correspondence, addressed to Senate President Godswill Akpabio, outlined the administration’s plan to secure the funds from international lenders.
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Lawmakers were informed of the proposed facilities as part of ongoing financing arrangements.
Details of proposed loan facilities
One of the letters sought authorisation to obtain a five billion dollar loan from First Abu Dhabi Bank. The facility forms the larger share of the total borrowing package submitted for approval.
In a separate request, the president asked the legislature to approve a one billion dollar loan backed by United Kingdom export finance. The facility is to be sourced through Citibank in London.
The loan requests are expected to undergo legislative scrutiny in line with existing approval procedures. Lawmakers will review the terms before a final decision is taken.
Tinubu embarked on historic state visit to UK
Earlier, Legit.ng reported that President Bola Tinubu began a landmark state visit to the United Kingdom on Tuesday, March 17, departing Abuja alongside the First Lady, Oluremi Tinubu.
The visit took place at the invitation of King Charles III and Queen Camilla.
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The Nigerian leader was hosted at Windsor Castle from Wednesday, March 18, to Thursday, March 19. It marked the first state visit by a Nigerian head of government to the UK in 37 years and the first time a Nigerian president would be received by a British monarch at Windsor Castle.
Strengthening Nigeria-UK relations
The Nigerian presidency said the visit is aimed at deepening bilateral cooperation between Nigeria and the UK, building on long-standing historical ties.
Discussions are expected to cover immigration, trade, investment, and cultural exchange, alongside shared global and regional interests.
During the stay at Windsor Castle, the King will host President Tinubu and the First Lady at a private exhibition featuring Nigeria-related items from the Royal Collection.
The programme also includes closed-door discussions and engagements with organisations involved in interfaith dialogue at both national and international levels.
A formal state banquet will be held in honour of the Nigerian delegation.
Talks with UK prime minister Starmer
President Tinubu is scheduled to hold a bilateral meeting with Keir Starmer at 10 Downing Street. The talks are expected to open the door to expanded cooperation between senior officials of both countries and conclude with the signing of several memoranda of understanding.
Areas listed include trade, investment, defence, and cultural collaboration.
A major highlight of the visit will be the witnessing of a £746 million financing agreement involving UK Export Finance, the Nigerian Ports Authority, and Nigeria’s Federal Ministry of Finance. The funding is intended to support the refurbishment of the Lagos Port Complex at Apapa and the Tin Can Island Port Complex.
FG alleges plot against Tinubu during UK visit
Earlier, Legit.ng reported that the federal government had alleged a plot to embarrass President Bola Ahmed Tinubu during his visit to the United Kingdom.
The Ministry of Solid Minerals Development claimed an embattled mining company, Jupiter Ltd, is planning a “campaign of calumny” against Nigeria.
Source: Legit.ng
