$347m: President Tinubu Asks NASS’ to Approve Additional Lagos-Calabar Coastal Highway Loan

BY BOONY AMADI

President Bola Tinubu has requested the approval of the House of Representatives for an additional $347 million external loan under the federal government’s 2025–2026 borrowing plan.

The request was contained in a letter read on the House floor on Wednesday by the Speaker of the House, Abbas Tajudeen.

Mr Tinubu explained that the adjustment became necessary due to an increase in the funding requirement for the Lagos-Calabar Coastal Highway project, whose cost rose from $700 million to $747 million, a $47 million increment.

He said the projects under the revised borrowing plan were selected based on rigorous economic evaluations and their projected contribution to national development goals, including job creation, skill development, promotion of entrepreneurship, and poverty reduction.

He further noted that the inclusion of the revised projects in the borrowing plan would enable financial closure and support timely implementation.

The House referred the president’s request to the Joint Committee on Finance, Aids, Loans and Debt Management for further legislative scrutiny.

The committee is expected to review the technical and financial justification of the new borrowing request before presenting its recommendations to the full chamber.

The latest request comes amid Nigeria’s expanding borrowing profile under the Mr Tinubu administration.

In November 2023, the President sought legislative approval for a $7.8 billion and €100 million borrowing plan to fund key infrastructure and social development projects over the 2022–2024 period.

In March 2025, Mr Tinubu sought legislative approval for a new external borrowing plan of over $21.5 billion, and a domestic bond issuance of N757.9 billion to settle outstanding national pension liabilities. The Senate approved the borrowing plan on Tuesday.

Meanwhile, as of March 2025, the country’s total public debt stock stood at over N121 trillion (approximately $91 billion), according to figures released by the Debt Management Office (DMO).

Despite frequently raised concerns over the sustainability of the country’s borrowing spree, warning of future repayment burdens and fiscal vulnerabilities, the federal government has, however, maintained that concessional loans are essential to bridging Nigeria’s infrastructure gap and stimulating growth.