Breaking: Senate approves Tinubu’s $6bn loan request
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Senate has just approved President Bola Tinubu’s request for $6 billion loan. It was only few hours ago after Senate President Godswill Akpabio had read Tinubu’s letters during plenary session.
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The President’s request for loan was contained in two separate letters. He requested the approval to establish a structured total return swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank of the United Arab Emirates in the first letter.
In the second letter, Tinubu also asked the Senate to approve a $1 billion UK export finance loan facility arranged by Citibank, London branch.
According to him, the loan would be used for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.
Surprisingly, the two letters were presented and considered in less than four hours, passed through through Senator Aliyu Wamakko-led Committee on Local and Foreign Debts, and so swiftly approved.