President Tinubu sought approval for fresh $347 million loan.
NewsOnline Nigeria reports that President Bola Ahmed Tinubu has approached the House of Representatives with a fresh request for approval to secure an additional $347 million as part of the federal government’s 2025–2026 external borrowing plan.
The request, transmitted to the Green Chamber through a formal letter and read on the floor by Speaker Tajudeen Abbas on Tuesday, comes amid growing concerns over Nigeria’s rising debt profile.
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According to the communication, the proposed loan is spearheaded by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who explained that $47 million of the facility will be channelled toward covering additional costs on the ambitious Lagos-Calabar coastal highway project. The budget for the project, originally pegged at $700 million, has now swelled to $747 million.
The House has since referred the request to the joint committee on Finance, Aids, Loans, and Debt Management for detailed scrutiny and legislative processing.
This development comes on the heels of mounting public scrutiny over the government’s frequent resort to external borrowing to fund infrastructure and budget deficits. While the administration insists such loans are necessary to close critical gaps and drive development, economic analysts warn of the long-term implications for Nigeria’s fiscal stability.
The coming days will likely see intense debate among lawmakers as the National Assembly weighs the justification and sustainability of yet another debt facility under the current administration.
