President Bola Tinubu has asked the House of Representatives to approve an additional $347 million in external borrowing under the federal government’s 2025–2026 borrowing plan.
The request, read by Speaker Abbas Tajudeen during plenary on Wednesday, July 23, is meant to fund a revised cost for the Lagos-Calabar Coastal Highway, which Tinubu said had risen from $700 million to $747 million, a $47 million increase.
According to the President, the revised borrowing is part of a broader infrastructure plan aimed at boosting job creation, entrepreneurship, and poverty reduction.
“The projects were selected based on rigorous economic evaluations and their expected contributions to national development goals,” Tinubu wrote. “Their inclusion will enable financial closure and support timely implementation.”
The request has been referred to the Joint Committee on Finance, Aids, Loans and Debt Management for review. The committee is expected to assess the financial and technical justifications before presenting its recommendations.
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This marks another addition to Nigeria’s growing debt profile under the Tinubu administration.
In November 2023, Tinubu sought lawmakers’ approval for $7.8 billion and €100 million in loans for key development projects.
By March 2025, he requested over $21.5 billion in new external loans and a ₦757.9 billion domestic bond to cover pension arrears. The Senate approved the plan.
As of March 2025, Nigeria’s total public debt stood at more than ₦121 trillion (about $91 billion), according to data from the Debt Management Office.
While critics continue to raise concerns over the nation’s rising debt and long-term repayment risks, the federal government insists that these concessional loans are vital for bridging infrastructure gaps and driving economic growth.