President Bola Tinubu has formally requested the National Assembly’s approval for an additional $347 million in foreign loans under the 2025–2026 borrowing plan.
The request was presented on Wednesday during a plenary session, where House Speaker Tajudeen Abbas read a letter from the president detailing the loan proposal.
Of the total amount, $47 million is earmarked to cover a funding gap in the Lagos-Calabar Coastal Highway project, whose cost has now risen from $700 million to $747 million.
Tinubu noted that while the original borrowing plan accounted for $700 million, the remaining shortfall is now expected to be financed through export credit agencies.
The remaining $300 million is proposed for the Nigerian Universal Communications Access Project.
According to the president, this component — which aims to deploy 7,000 telecom towers in underserved and unserved areas nationwide — was mistakenly left out of the initial loan request and is now being included to support nationwide connectivity.