Nigeria’s National Assembly has approved a $6.9 billion loan request submitted by the Federal Government, following separate communications to both chambers.
The approval was granted by the Senate and the House of Representatives after the requests were presented in two distinct letters outlining the purpose and sources of the proposed borrowing.
According to the details, $5 billion of the loan will be sourced from First Abu Dhabi Bank in the United Arab Emirates.
The facility is intended to support the establishment of an external financing programme by the Federal Government.
In a separate request, the government also secured approval to obtain $1.9 billion from Citi Bank in London. The funds are earmarked for the upgrade of key port infrastructure in Lagos, specifically the Apapa and Tin Can ports.
Lawmakers said the borrowing is aimed at boosting economic activities and improving critical infrastructure, particularly in the maritime sector.
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