Tinubu Requests Additional $347m Loan for Coastal Highway, Telecom Infrastructure

Tinubu Requests Additional $347m Loan for Coastal Highway, Telecom Infrastructure

The President has asked the National Assembly to approve an extra $347 million in foreign loans as part of the 2025–2026 borrowing plan. During Wednesday’s plenary session, House Speaker Tajudeen Abbas read a letter from the president outlining the request

According to the letter, $47 million of the proposed loan would cover a funding gap in the Lagos-Calabar Coastal Highway project, whose total cost has now increased from $700 million to $747 million

Tinubu explained that when the borrowing plan was initially submitted only $700 million had been secured through financing commitments, with export credit agencies stepping in to cover the shortfall. The remaining $300 million, Tinubu noted, is intended for the Nigerian Universal Communications Access Project

The initiative which aims to install 7,000 telecom towers in underserved & unserved communities across the country was mistakenly excluded from the original borrowing plan