Tinubu seeks NASS approval for $347m loan for telcoms, Lagos-Calabar highway

President Bola Ahmed Tinubu has sought the National Assembly’s approval for an extra $347 million external loan under the Federal Government’s 2025–2026 borrowing programme.

The request was contained in a letter to the House of Representatives and read by Speaker Tajudeen Abbas during Tuesday’s plenary.

According to the correspondence, the additional borrowing stems from increased funding needs for the Lagos–Calabar Coastal Highway project, whose cost has risen by $47 million, from $700 million to $747 million.

President Tinubu explained that the adjustment followed financing gaps in the initial loan package, noting that when the borrowing plan was first sent to the National Assembly, the lead financier had secured commitments for only $700 million. The shortfall was partly covered through export credit agencies, but an additional $47 million is required to meet the total loan value outlined in the financing agreement.

A further $300 million is needed to execute the Nigerian Universal Communications Access Project, aimed at bridging the digital divide by installing 7,000 telecommunications towers in underserved and unserved communities nationwide. The president noted that this project had been unintentionally omitted from the original borrowing plan.

Tinubu stressed that the projects included in the revised borrowing proposal were chosen after thorough economic and financial appraisals and are expected to advance national development priorities such as job creation, skills training, entrepreneurship, and poverty alleviation.

He added that incorporating these revised projects into the borrowing plan would enable financial closure and timely execution.

The Speaker referred the president’s request to the House Joint Committee on Finance, Aids, Loans and Debt Management for further legislative review.