By Charles Pemu 
Abuja – The House of Representatives on Wednesday approved President Bola Tinubu’s request for an additional $347 million borrowing under the 2025–2026 external loan plan, aimed at addressing increased funding needs for key national infrastructure and digital connectivity projects.
The request, read by Speaker Tajudeen Abbas during plenary, includes $47 million for the Lagos-Calabar Coastal Highway—raising the total cost of the flagship project from $700 million to $747 million—and $300 million for the Nigerian Universal Communications Access Project, which targets mobile connectivity for over 21 million Nigerians in underserved communities.
According to the President’s letter, the $47 million increase stems from a financing shortfall. When the original borrowing plan was submitted, the lead arranger had secured commitments only up to $700 million. The remaining amount is now being covered by export credit agencies, requiring legislative approval to align the financing with agreed terms.
“It is, therefore, necessary to increase the value of the financing for the project by $47m to ensure it aligns with the loan size agreed in the finance documents,” the letter noted.
The $300 million telecommunications loan will fund the deployment of 7,000 telecom towers across 4,834 unconnected rural communities, a strategic move to bridge Nigeria’s digital divide and foster inclusive development.
This new borrowing forms part of the broader $21.54 billion borrowing plan previously submitted in May. With Wednesday’s additions, the total rises to $21.89 billion.
Chairman of the House Committee on Aids, Loans, and Debt Management, Abubakar Nalaraba, presented the approving report, assuring lawmakers that the country’s debt levels remain within acceptable limits.
“Despite increased borrowing, Nigeria’s debt-to-GDP ratio stands at about 50 per cent, below the 56 per cent international threshold,” Nalaraba stated.
“Debt servicing capacity has improved, with the service-to-revenue ratio falling from over 90 per cent to below 70 per cent, aided by expected revenue boosts under the Nigerian Tax Act 2025.”
The Deputy Speaker, Benjamin Kalu, who presided over the later part of the session, subsequently announced the House’s approval of the revised borrowing request.