{"id":120918,"date":"2025-07-24T07:44:18","date_gmt":"2025-07-24T06:44:18","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=120918"},"modified":"2025-07-24T07:44:18","modified_gmt":"2025-07-24T06:44:18","slug":"tinubu-requests-national-assemblys-approval-for-additional-347m-foreign-loan","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/tinubu-requests-national-assemblys-approval-for-additional-347m-foreign-loan\/","title":{"rendered":"Tinubu Requests National Assembly\u2019s Approval for Additional $347m Foreign Loan"},"content":{"rendered":"<div style=\"text-align: justify;\">By Tracy Moses<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">President Bola Ahmed Tinubu has written to the National Assembly seeking approval for an extra $347 million in external financing under the adjusted 2025\u20132026 borrowing framework.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The request was conveyed during Wednesday\u2019s plenary session in the House of Representatives, where Speaker Tajudeen Abbas read the President\u2019s letter before lawmakers.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">According to the President, the new loan request is necessitated by rising financial demands for the Lagos-Calabar Coastal Highway, whose cost has increased by $47 million, from $700 million to $747 million.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Tinubu explained that while the initial funding plan submitted to the legislature secured lender commitments up to $700 million, the full financing terms were finalised through export credit arrangements, resulting in a $47 million shortfall.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThere is a need to revise the project financing upwards by $47 million to match the figures outlined in the agreed loan documentation,\u201d the President stated.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Furthermore, $300 million from the proposed loan is allocated to the Nigerian Universal Communications Access Project, a major telecoms initiative targeting digital inclusion by establishing 7,000 communication towers in underserved rural areas.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">It is worth noting that in May, Tinubu had sought legislative backing for a larger borrowing package totaling $21.54 billion, \u20ac2.19 billion, and \u00a515 billion, in addition to a \u20ac65 million grant.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">With the latest request, which includes $47 million for the coastal highway and $300 million for the telecom expansion project, the cumulative external loan plan now rises modestly to $21.89 billion.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">After receiving a report from Hon. Abubakar Nalaraba, Chairman of the House Committee on Aids, Loans, and Debt Management, the House, led by Deputy Speaker Benjamin Kalu, granted approval for the loan request.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Hon. Nalaraba assured lawmakers that the nation\u2019s debt situation remains under control despite the additional borrowing.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cNigeria\u2019s total debt stock is currently over N145 trillion, and our debt-to-GDP ratio sits around 50%, which is still within the internationally accepted threshold of 56%,\u201d he stated.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He added that the administration had successfully reduced the country\u2019s debt service-to-revenue ratio, which has fallen from above 90% to under 70%.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The committee\u2019s report also expressed optimism about the government\u2019s ability to meet its debt obligations, citing revenue projections under the new Nigerian Tax Act 2025, which anticipates over 18% annual growth beginning in 2026.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Tracy Moses President Bola Ahmed Tinubu has written to the National Assembly seeking approval for an extra $347 million in external financing under the adjusted 2025\u20132026 borrowing framework. The&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":118017,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-120918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tinubu Requests National Assembly\u2019s Approval for Additional $347m Foreign Loan - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/tinubu-requests-national-assemblys-approval-for-additional-347m-foreign-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinubu Requests National Assembly\u2019s Approval for Additional $347m Foreign Loan - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"By Tracy Moses President Bola Ahmed Tinubu has written to the National Assembly seeking approval for an extra $347 million in external financing under the adjusted 2025\u20132026 borrowing framework. 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