Juliet Ezeh
The Federal Government has formally requested $6 billion in external financing from the United Arab Emirates (UAE) and the United Kingdom (UK) to support the 2026 budget and accelerate key infrastructure projects.
In a letter to the Senate on Tuesday, President Bola Tinubu outlined a $5 billion facility from First Abu Dhabi Bank to bridge budgetary shortfalls and a $1 billion loan from UK Export Finance to fund the rehabilitation of Lagos ports and enhance maritime logistics.
Senate President Godswill Akpabio read the request during plenary, formally initiating legislative consideration of the loans. Lawmakers are expected to scrutinize the terms and conditions of the facilities in the coming sessions.
The move aligns with the administration’s broader strategy to expand fiscal space, modernize infrastructure, and improve Nigeria’s economic competitiveness. Analysts say successful approval and deployment of these funds could accelerate transport and logistics development, stimulate trade, and support budget execution for 2026.
The Senate is expected to deliberate on the proposals in the coming days, weighing the potential benefits against debt sustainability concerns.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.