₦airaland Forum

The House of Representatives, on Wednesday, approved President Bola Tinubu’s request to the National Assembly, seeking approval to borrow $347m under the 2025–2026 borrowing plan.

The Speaker of the House of Representatives, Tajudeen Abbas, read the President’s correspondence on the floor of the Green Chamber during Wednesday’s plenary.

According to the President, the loan is necessary due to a rise in the funding needs for the Lagos-Calabar Coastal Highway project, whose cost increased by $47m, from $700m to $747m.

Justifying the loan request, the President said that when the borrowing plan was transmitted to the parliament, the lead arranger for financing only had financing commitments of up $700m from lenders, stressing that the shortfall in the financing was covered by export credit agencies.

“It is, therefore, necessary to increase the value of the financing for the project by $47m to ensure it aligns with the loan size agreed in the finance documents for the project,” the President said in the letter.

He noted that $300m is needed for the Nigerian universal communications access project, a landmark telecommunications initiative aimed at bridging the digital divide through the deployment of 7,000 telecommunications towers across hard-to-reach rural dwellings.

Recall that in May, Tinubu sought the approval of the parliament to approve the 2025-2026 borrowing plan of $21.54bn, €2.19bn and ¥15bn, in addition to a €65m grant.


With the extra $47m for the Lagos-Calabar road project and $300 million for the universal communication access project, the initial $21.54bn has witnessed a marginal increase to $21.89bn.

On Wednesday, the House adopted the report presented by the Nasarawa lawmaker, Abubakar Nalaraba, who chairs the House Committee on Aids, Loans and Debt Management.

The lawmaker noted that despite increased borrowing, Nigeria’s debt portfolio “remains sustainable.”

He said, “At over N145tn, the debt-to-GDP ratio of about 50 per cent is within the international threshold (56 per cent).

“The current administration has succeeded in reducing the high debt service to revenue ratio from over 90 per cent to less than 70 per cent.

“The Federal Government’s capacity to service the new debt is bolstered by the anticipated revenue gains from the Nigerian Tax Act 2025, projected to grow by over 18 per cent year-on-year starting from 2026.”

The Deputy Speaker, Benjamin Kalu, who took over the plenary after the Speaker had left midway into the session, then approved the request.

Source: https://punchng.com/reps-approve-347m-loan-for-lagos-calabar-highway-others

This Nigerian leaders sha which one be cost increment in coastal project budget again?
Carry the country enter another huge Debt, APC unah dey try o.


All way to sha find money towards 2027 campaign funds.
FTC

Nice one. I doubt it will b possible for Tinubu administration to finish the Lagos Calabar highway sha. The project is massive

This governement cannot execute any project without borrowing.We are placing a big burden on the next generation to come.

Taking this route indicates that this gouvernement lack the capacity to look inward and generate the needed funds.

Rubber stamp legislative

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All these borrowings. How do we intend to payback with an ailing economy?

Loan, loan, loan every time

Nigeria is not for sale

If this money was used to improve power supply such that the country can achieve 24 hours power supply in over 90% of its territory. That would have been more impactful than this highway that is duplicating function for other roads used for the same purpose.

This road is just a cash pipe for money to be siphoned for personal enrichment. Despite all the billions spent see how far they have gone with road construction, just 30km

They said they have saved money from subsidy,why are we always borrowing

If I talk now, he will still borrow another one in two weeks time.
What more can I say? Nigeria don enter gbese

Of all these lorns, is it really utilize on what it's meant for?

adenigga:
Source: https://punchng.com/reps-approve-347m-loan-for-lagos-calabar-highway-others

Free for all, the embezzlement is here once again

Hmmm.. I still don’t get the ideology behind all these borrowing.
This man will borrow our future if care is not taken and the National Assembly will approve it🥺🥺🥺🥺

Since TINUBU enter I never hear Senate or Rep reject Tinubu's loan request.

This is the side effects of One Party system

completeskills:
.if this money was used to improve power supply such that the country can achieve 24 hours power supply in over 90% of its territory. That would have been more impactful than this highway that is duplicating function for other roads used for the same purpose.

Zombies will soon come after you for saying this truth. What were need now is not costal Highway, fix the existing roadb be use Money to fix our power sector.... Regen the police need to be fixed

koxyz:
This governement cannot execute any project without borrowing.We are placing a big burden on the next generation to come.

Taking this route indicates that this gouvernement lack the capacity to look inward and generate the needed funds.

nah so e easy? Sometimes we think we're smarter than those there until we get there ourselves. Talk is easy, doing it is difficult.

"Tinubu has not borrowed $347 million yet. He's only seeking permission to borrow it" - Reno Omokri

I thought dey said d Lagos /Calaba coast line road is worth #15trillion. Which one com be d loan way dem dey borrow 4 d same road dem say na #15trillion. Abi all dis moni way dem dey borrow, na part of d #15trillion or a separate moni, like addition?

Omo Tinubu still dey collect loan, this guy go finish us

No wonder they are using tax to choke us for a loan they shared within themselves

Kai Emilokon! This man no go pity this country For crying out loud this regime has borrowed more than 100 trillions since assuming office just two years ago and the borrowing continues. What is wrong with the SINate and the Houses of RAPE members
Whala dey oooo

completeskills:
.if this money was used to improve power supply such that the country can achieve 24 hours power supply in over 90% of its territory. That would have been more impactful than this highway that is duplicating function for other roads used for the same purpose.

The leaders cannot just think straight.
I guess that electricity issue is a deliberate one but i wonder why.

Fuel subsidy removal was meant to free up funds for infrastructural development....why is Tinumbu's government on a borrowing spree? What has been done with the money already borrowed?

This is the real definition of one chance.

AMINDA:
"Tinubu has not borrowed $347 million yet. He's only seeking permission to borrow it" - Reno Omokri

And now that the Senate has granted him permission, he will no longer borrow, as he does not want to plunge the country into further borrowing and debt.

Reno Omokri is just a rábblé rôûser

harmargedon:
nah so e easy? Sometimes we think we're smarter than those there until we get there ourselves. Talk is easy, doing it is difficult.

If you don't have what it takes to make "talk to be cheap",then you don't have anything to do with governance.

Hmmmmm



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adenigga:
Source: https://punchng.com/reps-approve-347m-loan-for-lagos-calabar-highway-others

Cash out day for Tinubu and Chagoury.

I hope in the future, these people will be held accountable for this grand theft

Why do we call dollars in this country? Dont we have our own currency?

adenigga:
Source: https://punchng.com/reps-approve-347m-loan-for-lagos-calabar-highway-others

mind how u give a yoruba person power.they are more intrested in owambe than governance.I never knew old people can be wasteful.i tot it was only young yahoo boys that are wasteful.tinubu is worse

koxyz:
This governement cannot execute any project without borrowing.We are placing a big burden on the next generation to come.

Taking this route indicates that this gouvernement lack the capacity to look inward and generate the needed funds.

You want the government to look inward? What of the tax reform carried out by the Tinubu administration, is that not an example of the government looking inward to increase revenue?

highchief1:
mind how u give a yoruba person power.they are more intrested in owambe than governance.I never knew old people can be wasteful.i tot it was only young yahoo boys that are wasteful.tinubu is worse

You mean Tinubu's administration that's borrowing to construct project is wasteful?