Di House of Representatives, on Wednesday, don approve President Bola Tinubu request to di National Assembly wey dey seek permission to borrow $347 million under di 2025–2026 borrowing plan.
Di Speaker of di House of Representatives, Tajudeen Abbas, read di President letter for floor of di Green Chamber during Wednesday plenary.
According to wetin di President talk, di loan dey necessary because money wey dem need for di Lagos–Calabar Coastal Highway project don increase by $47 million — from $700 million to $747 million.
As e dey justify di loan request, di President talk say when dem first send di borrowing plan go parliament, di lead arranger wey dey handle di financing only get commitment of up to $700 million from lenders. He come stress say di shortfall for di financing na export credit agencies cover am.
President talk say, “Na why e necessary to increase di value of di financing for di project by $47 million, so e go match di loan size wey dem agree for di finance documents for di project.”
He still talk say $300 million dey needed for di Nigerian Universal Communications Access Project, wey be big telecom initiative wey go help close digital gap by putting 7,000 telecom towers for rural areas wey network no dey reach.
Make una remember say for May, Tinubu bin ask parliament make dem approve di 2025–2026 borrowing plan wey carry $21.54 billion, €2.19 billion and ¥15 billion, plus one €65 million grant.
With di extra $47 million for di Lagos–Calabar road project and $300 million for di universal communication access project, di original $21.54 billion don small-small increase reach $21.89 billion.
On Wednesday, di House adopt di report wey Nasarawa lawmaker, Abubakar Nalaraba, wey be Chairman of di House Committee on Aids, Loans and Debt Management, present.
Di lawmaker talk say even though borrowing don increase, Nigeria debt still dey “sustainable.”
He talk say, “At over ₦145 trillion, di debt-to-GDP ratio of about 50 per cent still dey inside di international threshold (56 per cent).
“Di current administration don succeed reduce di high debt service to revenue ratio from over 90 per cent to less than 70 per cent.
“Di Federal Goment power to pay back di new debt dey strong because of di revenue wey dem dey expect from di Nigerian Tax Act 2025, wey dem project say go grow by over 18 per cent every year starting from 2026.”
Di Deputy Speaker, Benjamin Kalu, wey take over di plenary after di Speaker comot midway inside di session, come approve di request.
