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.
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.
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.
The Punch
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