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.
(Premium Times)
