Nigeria's Senate and House of Representatives have approved President Bola Tinubu's request to borrow over $21 billion in external loans for the 2025–2026 fiscal cycle. The funds are earmarked for major infrastructure projects, including the Lagos-Calabar Coastal Highway, Eastern Rail line reconstruction, power sector improvements, and telecom upgrades. An additional $347 million loan was specifically requested for the Lagos-Calabar highway and telecom projects. While the government argues these loans are necessary to plug budget shortfalls and drive development, analysts warn that Nigeria's debt burden will rise significantly, raising concerns about long-term sustainability and repayment. The approval also includes a substantial bond to clear pension arrears.
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