By Olugbenga Salami
The federal government is seeking $6 billion in new external loans from the United Arab Emirate, UAE and the United Kingdom, UK to fund the 2026 budget and upgrade infrastructure.
President Bola Tinubu wrote the Senate on Tuesday outlining a $5 billion facility from First Abu Dhabi Bank and a $1 billion loan from UK Export Finance.
He said the Abu Dhabi tranche would plug financing gaps in next year’s budget, while the UK credit targets rehabilitation of Lagos ports.
Senate President Godswill Akpabio read the requests during plenary, formally opening legislative consideration.
The move fits Tinubu’s push to widen fiscal space and close infrastructure deficits, especially in maritime logistics.
Lawmakers are expected to debate terms in coming days.
Details later.,..
