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The House of Representatives on Wednesday approved President Bola Tinubu’s request to borrow $347 million for two projects:
1. Lagos-Calabar Coastal Highway – An extra $47 million due to rising costs (now $747 million total).
2. Rural Telecom Towers – $300 million to build 7,000 towers in remote areas.This adds to the earlier $21.54 billion borrowing plan, bringing the total to $21.89 billion.
Lawmakers argued Nigeria’s debt is still manageable, with a 50% debt-to-GDP ratio—below the 56% global limit. They also noted improved debt repayment capacity due to expected tax reforms.
The Deputy Speaker finalized the approval after the House Committee on Loans endorsed the request.
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