The House of Representatives has approved President Bola Ahmed Tinubu’s request for a $347 million loan to finance two major infrastructure projects: the Lagos-Calabar Coastal Highway and a rural telecommunications access initiative.
Of the total, $47 million will cover an upward revision in the cost of the Lagos-Calabar Coastal Highway, a signature project aimed at boosting trade and tourism across Nigeria’s southern corridor. The highway, already flagged off in Lagos, is designed to stretch through coastal states, ending in Calabar, Cross River State.
The remaining $300 million is earmarked for the National Broadband Access Project, which will see the installation of over 7,000 telecom towers across underserved and rural communities. Lawmakers described this as a key step toward bridging Nigeria’s digital divide and enhancing connectivity nationwide.
Despite concerns over Nigeria’s rising debt profile, lawmakers in the Green Chamber insisted that the country’s debt remains sustainable, citing current fiscal indicators and the revenue potentials of both projects.
Finance and appropriation committees in the House emphasized that both initiatives align with the administration’s Renewed Hope Agenda, with the highway expected to drive economic growth along Nigeria’s coast and the telecom project expanding digital access to millions.
President Tinubu’s administration has faced scrutiny for its infrastructure-driven borrowing strategy, but supporters argue that these projects represent long-term investments that will stimulate productivity and generate future revenue.
The loan is part of Nigeria’s medium-term external borrowing plan.