Tinubu seeks lawmakers’ approval for additional $347million loan
The Nigeria’s President Bola Tinubu has requested the approval of the House of Representatives for an additional $347 million external loan under the federal government’s 2025–2026 borrowing plan.
Penpushing reports that Tinubu’s request was contained in a letter read on the House floor on Wednesday by the Speaker of the House, Rt Hon Abbas Tajudeen, while the President explained that the adjustment became necessary due to an increase in the funding requirement for the Lagos-Calabar Coastal Highway project, whose cost rose from $700 million to $747 million, a $47 million increment.
The letter added that the projects under the revised borrowing plan were selected based on rigorous economic evaluations and their projected contribution to national development goals, including job creation, skill development, promotion of entrepreneurship, and poverty reduction.
Penpushing further reports that Tinubu pointed out in the letter that the inclusion of the revised projects in the borrowing plan would enable financial closure and support timely implementation.
The House of Representatives, however, referred the president’s request to the Joint Committee on Finance, Aids, Loans and Debt Management for further legislative scrutiny, while the committee is expected to review the technical and financial justification of the new borrowing request before presenting its recommendations to the full chamber.
Penpushing also reports that the latest request comes amid Nigeria’s expanding borrowing profile under the Tinubu administration, as it is recalled that in November 2023, he sought legislative approval for a $7.8 billion and €100 million borrowing plan to fund key infrastructure and social development projects over the 2022–2024 period.
The President in same vein, in March 2025, sought legislative approval for a new external borrowing plan of over $21.5 billion, and a domestic bond issuance of ₦757.9 billion to settle outstanding national pension liabilities, however, the Senate approved the borrowing plan on Tuesday.
Penpushing reports that as of March 2025, the Nigeria’s total public debt stock stood at over ₦121 trillion (approximately $91 billion), according to figures released by the Debt Management Office (DMO).
Meanwhile, despite frequently raised concerns over the sustainability of the country’s borrowing spree, warning of future repayment burdens and fiscal vulnerabilities, the Nigerian government has maintained that concessional loans are essential to bridging Nigeria’s infrastructure gap and stimulating growth.
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