Nigerian President Bola Ahmed Tinubu has written a letter to the Senate seeking their approval to borrow $5 billion to be used for budget deficit and debt financing, among others.
His letter was read out to the lawmakers by the Senate President Federal Republic of Nigeria, Senator Godswill Akpabio during plenary on Tuesday.
According to the letter the loan, which will be obtained from Abu Dhabi Bank, is to be used for budget deficit and debt financing, among others.
In another letter to the Senate, Tinubu is seeking approval to borrow $1 billion UK/EF loan facility from London Citi Bank for the rehabilitation of port projects, including Lagos Port complex and Tin Can port.
Akpabio referred the letters to the Senator Aliyu Wammakko-led Senate Committee on Local and Foreign Debts to carry out legislative actions on the request and report back immediately (Daily Post).
