Nigeria, March 31 -- President Bola Tinubu on Tuesday asked the Senate to approve two fresh foreign loans totalling $6 billion to be obtained from the United Arab Emirates and the United Kingdom.

Mr Tinubu's request was contained in separate letters read by the Senate President, Godswill Akpabio, during the plenary.

In the first letter, the president sought approval to secure up to $5 billion from First Abu Dhabi Bank.

He said the facility would be disbursed in tranches and used to support budget implementation, fund priority infrastructure projects, and refinance relatively expensive domestic and external debts.

Mr Tinubu added that the loan would also help the federal government meet urgent financial obligations when necessary.

He ...