The House of Representatives has approved President Bola Ahmed Tinubu’s request to borrow $347 million as part of Nigeria’s 2025–2026 borrowing plan, aimed at funding critical infrastructure projects, including the Lagos-Calabar Coastal Highway and a nationwide telecommunications expansion initiative.
The approval was granted on Wednesday during plenary, following the presentation of the President’s correspondence by Speaker Tajudeen Abbas on the floor of the Green Chamber.
According to the letter, the borrowing is necessitated by a $47 million increase in the cost of the Lagos-Calabar Coastal Highway project, which has risen from an initial $700 million to $747 million. President Tinubu explained that when the borrowing plan was initially submitted to the National Assembly, the financing commitments secured by the lead arranger amounted to $700 million, leaving a shortfall to be covered.
“It is, therefore, necessary to increase the value of the financing for the project by $47 million to ensure it aligns with the loan size agreed in the finance documents for the project,” Tinubu said in the letter, adding that the shortfall was covered through support from export credit agencies.
Additionally, $300 million of the loan will be channeled into the Nigerian Universal Communications Access Project, a landmark initiative aimed at bridging the country’s digital divide.
The project involves the deployment of 7,000 telecommunications towers across remote and underserved rural communities, designed to improve access to telecommunication services nationwide.
