House extends 2025 Appropriation Act from March 31 to June 30
Meanwhile, the House extended the Implementation of the capital aspect of the Appropriation Act 2025 from March 31, 2026 to 30 June 2026.
This was sequel to the consideration and approval of the report on: “A Bill for an Act to Amend the Appropriation Act (Repeal and Enactment) to extend the implementation of the Capital aspect of the Appropriation Act, 2025 from 31 March, 2026 to 30 June 2026 and for Related Matters (HB.2743).”
The House had earlier at plenary passed for second reading the Bill for an Act to Amend the Appropriation Act (Repeal and Enactment) to extend the implementation of the Capital aspect of the Appropriation Act, 2025 from 31 March, 2026 to 30 June 2026, sponsored by Majority Leader Hon. Julius Ihonvbere (APC, Edo).
Similarly, the House approved the request of President Tinubu to establish a structured total return swap external financing programme of $5 billion with First Abu Dhabi Bank to Support federal government funding and fiscal liquidity management.
It equally gave nod to the president’s request for $1,000,945,693.55 United Kingdom (Uk) Export
Finance (UKEF) covered Loan Facility Arranged by Citibank, for the Rehabilitation of Ports Project (Lagos Port Complex and Tin-Can Island Port Complex), Nigeria.
President Tinubu had written to the National Assembly, seeking lawmakers approval to borrow a total sum of $6 billion to support Nigeria’s fiscal and infrastructure needs.
In a letter addressed to the presiding officers of the legislature, the president requested approval for a $5 billion loan facility from Abu Dhabi Bank.
The funds are intended to cover the budget deficit and support debt financing, among other obligations.
In another letter, Tinubu also sought lawmakers approval to secure a $1 billion loan facility from London Citi Bank under a UK Export Finance (UKEF) arrangement.
The loan is designated for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
According to the President, the port rehabilitation project aims to address critical infrastructure deficiencies, improve operational efficiency, enhance safety standards, and support Nigeria’s non-oil trade diversification.
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