President Bola Tinubu has asked the National Assembly to approve an extra $347 million in foreign loans as part of the 2025–2026 borrowing plan.
During Wednesday’s plenary session, House Speaker Tajudeen Abbas read a letter from the president outlining the request. According to the letter, $47 million of the proposed loan would cover a funding gap in the Lagos-Calabar Coastal Highway project, whose total cost has now increased from $700 million to $747 million. Tinubu explained that when the borrowing plan was initially submitted, only $700 million had been secured through financing commitments, with export credit agencies stepping in to cover the shortfall.
The remaining $300 million, Tinubu noted, is intended for the Nigerian Universal Communications Access Project. The initiative, which aims to install 7,000 telecom towers in underserved and unserved communities across the country, was mistakenly excluded from the original borrowing plan
About The Author
More Stories
FG Terminates $717.7m World Bank Power Loan Amid Deepening Electricity Crisis and Blackouts
Tax Is A Priority, Development Cannot Be Achieved Without Citizens Paying Tax— President Tinubu
Nigeria Cannot Keep Borrowing Its Way To Development — Minister of Finance, Oyedele