President Bola Tinubu has written to the Nigerian Senate seeking approval to borrow $5 billion.
The request was presented to lawmakers during plenary on Tuesday by Senate President Godswill Akpabio.
According to the letter, the loan, which is expected to be sourced from Abu Dhabi Bank, will be used to address budget deficits and support debt financing, among other purposes.
In a separate communication to the Senate, Tinubu also requested approval to secure a $1 billion UK/EF loan facility from Citi Bank London. The funds are intended for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
Following the presentation, Akpabio referred both requests to the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wammakko, for further legislative consideration and prompt reporting back to the chamber.
