President Bola Tinubu has requested the National Assembly approval for a $347 million loan to supplement the 2025–2026 borrowing plan, citing increased funding needs for the Lagos-Calabar Coastal Highway project ($47 million, from $700 million to $747 million) and $300 million for the Nigerian Universal Communications Access Project to deploy 7,000 telecom towers in rural areas.
The House of Representatives, after a report confirming Nigeria’s debt-to-GDP ratio of 50% is within the international threshold and improved debt service capacity, approved the loan.
This increases the initial $21.54 billion borrowing plan to $21.89 billion. The Senate had earlier approved a $21 billion borrowing plan for the same fiscal cycle.
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