President Bola Tinubu has requested the House of Representatives to approve an additional $347 million external loan under the federal government’s 2025–2026 borrowing plan.
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The request, read on the House floor on Wednesday by Speaker Abbas Tajudeen, is aimed at covering a funding shortfall for the Lagos-Calabar Coastal Highway project, which saw its cost rise from $700 million to $747 million a $47 million increment.
According to President Tinubu, the loan adjustment reflects increased funding requirements and aligns with the government’s revised infrastructure development priorities. He stated that the projects under the updated borrowing plan were selected based on their economic viability and expected contribution to job creation, skill acquisition, entrepreneurship, and poverty alleviation.
Tinubu noted that including these revised projects in the borrowing plan would facilitate financial closure and ensure timely implementation.
The House has referred the president’s request to its Joint Committee on Finance, Aids, Loans and Debt Management for further legislative scrutiny. The committee is tasked with evaluating the technical and financial merits of the proposal and reporting its findings to the full chamber.
This latest request comes as the Tinubu administration continues to expand Nigeria’s borrowing portfolio. In November 2023, the president sought legislative backing for a $7.8 billion and €100 million borrowing plan for infrastructure and social development projects under the 2022–2024 cycle.
In March 2025, Tinubu submitted another borrowing plan exceeding $21.5 billion, alongside a ₦757.9 billion domestic bond request aimed at settling outstanding pension liabilities. The Senate approved that request earlier this week.
As of March 2025, Nigeria’s public debt stock stood at over ₦121 trillion (approximately $91 billion), according to the Debt Management Office (DMO). While the government continues to defend the loans as necessary for growth and infrastructure development, critics warn of mounting fiscal risks and long-term repayment challenges.
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