- Safiu Kehinde
The Senate has approved President Bola Tinubu’s $6 billion external loan request.
The red chamber gave the approval during its plenary sitting on Tuesday.
According to reports, the approved financing consists of a $5 billion structured facility from First Abu Dhabi Bank.
The loan is intended for budget support, liquidity management, and existing obligations.
On the other hand, the additional $1 billion loan is tipped towards funding the export finance facility arranged by Citibank and backed by UK Export Finance for the rehabilitation of Apapa and Tin Can Island ports.
The facilities are expected to be disbursed in phases, with repayment obligations tied to foreign exchange conditions.
More details later…