The House of Representatives has granted approval for President Bola Tinubu’s request to borrow an additional $347 million as part of the Federal Government’s 2025–2026 borrowing plan. The decision was made during Wednesday’s plenary session, after Speaker Tajudeen Abbas presented the President’s request to the lawmakers.
The session, presided over by Deputy Speaker Benjamin Kalu, saw the final approval of the loan. According to President Tinubu, the loan will cover additional funding needs for the Lagos-Calabar Coastal Highway project and the Nigerian Universal Communications Access Project.
The cost of the coastal highway project has risen by $47 million, from an initial $700 million to $747 million, due to funding shortfalls. The project, which will enhance the nation’s transportation infrastructure, is a major component of the government’s development plans. When the initial borrowing request was made, $700 million in commitments was secured, but the remaining funds were sourced from export credit agencies.
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In addition to the coastal highway project, $300 million of the loan will be allocated to the Nigerian Universal Communications Access Project, aimed at reducing Nigeria’s digital divide. This ambitious initiative plans to deploy 7,000 telecommunications towers in underserved rural areas, boosting connectivity and enabling greater access to digital services across the country.
The approval followed a report presented by Abubakar Nalaraba, Chairman of the House Committee on Aids, Loans, and Debt Management. Nalaraba reassured lawmakers that Nigeria’s rising debt levels remain within manageable limits, with the country’s debt-to-GDP ratio currently standing at approximately 50 percent, well below the international benchmark of 56 percent.
The newly approved $347 million brings the total borrowing request for 2025-2026 to around $21.89 billion, surpassing the initial borrowing request of $21.54 billion. This increase reflects the government’s commitment to funding key infrastructure and technological initiatives aimed at driving national development.