Again, Tinubu seeks Senate approval to borrow $516m

President Bola Tinubu has written to the Senate, seeking approval to borrow a fresh $516,333,070 from Deutsche Bank.

Tinubu, in a letter to Senate President Godswill Akpabio, which was read during plenary on Thursday, said the loan is aimed at financing the Sokoto-Badagry Super Highway.

The president asked for an expeditious passage of the loan request.

Akpabio referred the letter to the Committee on Local and Foreign Debts for legislative action and a report back in one week.

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The latest development comes barely a few weeks after requested the Senate’s approval to secure external loans totaling $6 billion to support government financing needs.

Tinubu sought approval to obtain a $5 billion loan from Abu Dhabi Bank to help cover Nigeria’s budget deficit and support debt financing obligations.

He also asked the Senate to approve a $1 billion loan facility from London-based Citibank to fund the rehabilitation of key port infrastructure projects, including the Lagos Port Complex and the Tin Can Island Port.