The House of Representatives has approved a $347 million loan request by President Bola Ahmed Tinubu as part of the 2025–2026 external borrowing plan.
The approval followed the reading of the President’s correspondence by Speaker Tajudeen Abbas during plenary on Wednesday.
According to the letter, the loan is intended to address the increased funding requirements for the Lagos-Calabar Coastal Highway project, whose cost has risen by $47 million—from the initial $700 million to $747 million.
President Tinubu explained that the initial borrowing plan submitted to the National Assembly only had firm financing commitments of up to $700 million. He noted that the shortfall is expected to be covered through facilities provided by export credit agencies.
