Tinubu urged the Senate to grant “urgent approval,” noting that the loan would be backed by naira-denominated securities as collateral.

In a separate letter, the President also requested approval for an additional $1 billion loan to rehabilitate the Lagos Port Complex and Tin Can Island Port.

According to him, the facility—arranged by Citibank London and backed by UK Export Finance—is aimed at modernising the two major ports to improve efficiency, safety, and overall functionality.

He stated that the rehabilitation would address longstanding infrastructural deficiencies, align operations with global best practices, and support economic growth.

The President added that the proposed loan would have a repayment tenure of 14 years, including a 48-month availability period, with a 1.1 percent availability fee and a 1.07 percent UKEF premium.

Both requests have been referred to the Senate Committee on Local and Foreign Loans for further scrutiny, with a directive to report back to plenary as soon as possible.