President Bola Ahmed Tinubu has secured the approval of the House of Representatives for an additional $347 million (approximately N529 billion as of July 24, 2025) in external loans.
This brings the total dollar-denominated component of the federal government's 2025-2026 borrowing plan to $21,890,647,912, up from the initial $21,543,647,912.
The request, outlined in a letter read on the House floor by Speaker Abbas Tajudeen, detailed two key reasons for the increment:
1. Lagos-Calabar Coastal Highway Project: The funding requirement for this project increased by $47 million, moving its cost from $700 million to $747 million.
2. Nigerian Universal Communications Access Project: A new allocation of $300 million is required for this project, which aims to deploy 7,000 telecommunications towers to bridge the digital divide in underserved and unserved communities.
President Tinubu stated that this project was inadvertently omitted from the initial borrowing plan computation.
Following a report presented by Abubakar Nalaraba, chairman of the committee on aids, loans, and debt management, the House approved the president's request.
It is recalled that in May, President Tinubu had sought approval for a 2025-2026 borrowing plan totaling $21,543,647,912, €2,193,856,324.54, and ¥15 billion, along with a €65 million grant.
The recently approved $347 million specifically impacts the dollar-denominated portion of this plan.