The House of Representatives has approved President Bola Tinubu’s request to borrow $347 million as part of the 2025–2026 borrowing plan. The Speaker of the House, Tajudeen Abbas, presented the President’s correspondence during plenary.

The loan is primarily aimed at addressing increased funding needs for the Lagos-Calabar Coastal Highway project, which has seen a cost increase of $47 million, raising the total to $747 million. The President justified the request by noting that the initial financing commitment was insufficient, requiring adjustments to align with the project’s financial documentation.

Additionally, $300 million is designated for the Nigerian universal communications access project, a major initiative focused on deploying 7,000 telecommunications towers to enhance connectivity in rural areas.

With the added funds for these projects, the overall borrowing plan has increased from $21.54 billion to $21.89 billion. The House adopted the report presented by Abubakar Nalaraba, Chair of the House Committee on Aids, Loans, and Debt Management, who affirmed that Nigeria’s debt remains sustainable, with a debt-to-GDP ratio of about 50 percent.

The Deputy Speaker, Benjamin Kalu, subsequently approved the request after the Speaker left the session.