The Federal Government has initiated moves to secure fresh external financing totalling $6bn from lenders in the United Arab Emirates and the United Kingdom, in a bid to support budget implementation and critical infrastructure upgrades.

President Bola Tinubu, in separate communications to the Senate, outlined plans to obtain $5 billion from First Abu Dhabi Bank and an additional $1 billion from UK Export Finance.

Read Also:Senate approves Tinubu’s loan request of N1.15trn

Tinubu said the $5 billion facility is intended to plug financing gaps in the 2026 budget, while the $1 billion loan will be deployed towards the rehabilitation of Lagos ports, a key component of Nigeria’s trade and logistics infrastructure.

Senate President Godswill Akpabio on Tuesday formally presented the request to lawmakers during plenary.

The proposed borrowings come amid ongoing efforts by the government to bolster fiscal capacity and address infrastructure deficits, particularly in the maritime sector.

More shortly……..