The House of Representatives on Wednesday announced President Bola Tinubu’s $347 million loan request during plenary.
The request was announced by the Speaker of the House of Representatives, Abbas Tajudeen.
Tajudeen announced that Tinubu’s $347 million loan request was contanied in a letter addressed to him.
He said that Tinubu’s borrowing plan is aimed at addressing a funding shortfall for the Lagos-Calabar Coastal Highway project, which has seen its cost rise from $700 million to $747 million.
The Speaker also announced that the $347 million loan request is part of Tinubu’s borrowing plan to finance priority projects rigorously evaluated for their potential to create jobs, foster entrepreneurship, and reduce poverty.
The Speaker added that despite the additional borrowings, the federal government’s debt portfolio “remains sustainable”.
Abbas asserted: “At over N145 trillion, debt to GDP ratio of about 50% is within the international threshold (56%).
“The current administration has succeeded in reducing the high debt service to revenue ratio from over 90% to less than 70 percent.
“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 percent year-on-year starting from 2026.”
Following the adoption of Tinubu’s $347 million loan request, Abbas tasked the Joint Committee on Finance, Aids, Loans and Debt Management to look into the matter.
Pan-Atlantic Kompass reports that this request follows the Senate’s approval of a $24 billion borrowing package on July 22, 2025, which includes $21.19 billion in direct foreign loans, €4 billion, ¥15 billion, a $65 million grant, and domestic bond issuance of ₦757 billion to settle pension liabilities.
