President Bola Tinubu is seeking to borrow $5 billion as part of initiatives to finance the budget which is in obvious deficit.

In a letter to the President of the Senate, Senator Godswill Akpabio, read on Tuesday during plenary, the president said the loan will be obtained from Abu Dhabi Bank and it is aimed at covering budget deficit, debt financing, among others.

In yet another letter to the Senate, President Tinubu is seeking approval to borrow  another $1 billion loan from London Citi Bank for the rehabilitation of port projects, including Lagos Port complex and Tin Can port.

According to the President, the project’s objectives are to address critical deficiencies, improve efficiency, improve safety standards, support non-oil trade diversification and position Nigeria as a trade hub among others.

Akpabio then referred the letters to Senator Aliyu Wammakko-led Senate Committee on Local and Foreign Debts to carry out legislative actions on the request and report back immediately.

Political Economist NG reports that as at September 30, 2025, Nigeria’s total public debt stood at ₦153.29 trillion ($103.94 billion), a jump from ₦121.67 trillion in Q1 2024, driven by both domestic and external borrowing. Domestic debt remains dominant (over 53%), with Lagos State reportedly having the highest debt load.