The House of Representatives on Wednesday approved President Bola Tinubu’s request to borrow $347 million under the 2025–2026 borrowing plan submitted to the National Assembly.
The request, presented by Speaker Tajudeen Abbas during plenary, seeks to support critical infrastructure projects, including an additional $47 million for the Lagos-Calabar Coastal Highway and $300 million for a national telecommunications initiative.
President Tinubu explained in his letter that the original $700 million loan arrangement for the highway project fell short by $47 million, a gap now covered through export credit agencies. The total project cost has risen to $747 million.
The remaining $300 million is earmarked for the Nigerian Universal Communications Access Project, which aims to bridge the digital divide by deploying 7,000 telecom towers to underserved rural communities.
Recall that in May, the President had requested approval for a $21.54 billion borrowing plan, alongside €2.19 billion, ¥15 billion, and a €65 million grant. With the new additions, the borrowing plan now totals $21.89 billion.
During Wednesday’s session, the House adopted the report of the Committee on Aids, Loans and Debt Management, presented by its chairman, Abubakar Nalaraba of Nasarawa. He reassured the chamber that Nigeria’s debt profile remains within acceptable limits.
According to Nalaraba, Nigeria’s debt-to-GDP ratio stands at about 50 percent, well within the international benchmark of 56 percent. He also noted a reduction in the debt service-to-revenue ratio from over 90 percent to under 70 percent.
He added that anticipated gains from the Nigerian Tax Act 2025, which is expected to boost revenue by over 18 percent annually from 2026, will further strengthen the country’s ability to service the new debt.
Deputy Speaker Benjamin Kalu, who presided over the latter part of the session, gave the final approval for the request.
