President Bola Ahmed Tinubu has approached the Senate for approval to secure external loans totalling $6bn.
The request was contained in separate letters addressed to the Senate President, Godswill Akpabio, and read during plenary on Tuesday.
In the first correspondence, the President sought approval to borrow $5bn from Abu Dhabi Bank.
The funds, according to the letter, are intended to address budget deficits and support debt financing.
In another request, Tinubu asked the Senate to approve a $1bn loan facility from a United Kingdom export finance arrangement through Citi Bank in London.
The proposed loan is targeted at the rehabilitation of key port infrastructure across the country.
Projects listed for intervention include the Lagos Port Complex and Tin Can Island Port.
The President noted that the initiative aims to improve operational efficiency and safety standards within the ports.
He added that the projects would also boost non-oil trade and strengthen Nigeria’s position as a regional trade hub.
Following the presentation, Akpabio referred the requests to the Senate Committee on Local and Foreign Debts.
The committee, chaired by Aliyu Wammakko, is expected to review the proposals and report back to the Senate.
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