csrreporters 
The House of Representatives has approved President Bola Tinubu’s request to borrow an additional $347 million under the 2025–2026 borrowing plan, aimed at funding key national infrastructure projects.
The approval was granted during Wednesday’s plenary session, where Speaker Tajudeen Abbas read the President’s letter requesting the increment. According to the correspondence, the loan is needed to cover rising costs for the Lagos-Calabar Coastal Highway project and to support the Nigerian Universal Communications Access Project.
The President noted that the cost of the Lagos-Calabar highway had increased by $47 million, raising the total required funding from $700 million to $747 million. He explained that the shortfall arose after the lead arranger could only secure $700 million in financing commitments, necessitating additional borrowing to close the gap through export credit agencies.
Additionally, $300 million of the loan is earmarked for the Universal Communications Access Project, which aims to deploy 7,000 telecommunications towers across underserved rural communities, helping to bridge Nigeria’s digital divide.
This development brings the total external borrowing request for 2025–2026 to $21.89 billion, up from the previously proposed $21.54 billion, alongside €2.19 billion, ¥15 billion, and a €65 million grant.
Presenting the committee’s report, Hon. Abubakar Nalaraba, Chair of the House Committee on Aids, Loans and Debt Management, assured lawmakers that the country’s debt portfolio remains within a sustainable threshold.
“At over ₦145 trillion, our debt-to-GDP ratio stands at about 50%, which is still below the international limit of 56%,” Nalaraba stated.
“Debt servicing pressure has also eased, falling from over 90% to below 70% of revenue.”
He attributed improved fiscal capacity to anticipated gains from the Nigerian Tax Act 2025, which is projected to increase revenue by over 18% annually starting in 2026.
The Deputy Speaker, Benjamin Kalu, who presided over the session after Speaker Abbas exited, formally adopted and approved the borrowing request.
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