Ezekwesili Urges Tinubu to Disclose or Cancel £746m UK Ports Loan

Former minister Obiageli Ezekwesili has called on President Bola Tinubu to cancel or fully disclose the terms of Nigeria’s £746 million ports financing deal with the United Kingdom. She argues that the agreement adds to Nigeria’s rising debt burden at a time when debt servicing consumes more than 60 percent of government revenue. According to her, the loan was arranged by Citibank London, backed by UK Export Finance and includes contracts reserved for British suppliers, while its interest rate and repayment schedule have not been made public. Ezekwesili also raises concerns about currency exposure, procurement transparency and the reported role of ITB Nigeria as contractor. She says Apapa and Tin Can ports could instead be rehabilitated through private investment models similar to the Lekki Deep Sea Port, without adding sovereign debt.

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