National Assembly Clears Tinubu’s $6bn Loan for Infrastructure and Debt Refinancing

The National Assembly has approved President Bola Tinubu’s request to borrow $6 billion from external lenders. The first approval allows a structured total return swap of up to $5 billion from First Abu Dhabi Bank. Proceeds will support budget execution, priority infrastructure projects and repayment of costly domestic and external debts, raising Nigeria’s public debt stock beyond $110 billion. A second approval covers a $1 billion UK Export Finance facility arranged by Citibank. These funds are earmarked for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port. Both requests were reviewed by the House Committee on Aids, Loans and Debt Management before final ratification.

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