The House of Representatives has approved a $347 million loan request by the Federal Government to fund critical infrastructure projects, including the high-profile Lagos-Calabar Coastal Highway.

The loan, part of a broader push to modernize Nigeria’s transport and road network, was endorsed on Wednesday following the adoption of a report by the House Committee on Aids, Loans, and Debt Management. Lawmakers emphasized the strategic importance of the Lagos-Calabar highway, describing it as a “catalyst for regional development and economic integration.”

The highway, expected to span over 700 kilometers upon completion, will connect several coastal cities, enhancing trade and tourism between the South-West, South-South, and South-East regions. It is one of the flagship projects under President Bola Tinubu’s administration, with construction already underway in key segments.

In addition to the highway, the loan will also support several other infrastructure initiatives, though details remain under wraps. Government officials noted that the financing arrangement was secured on concessional terms, aiming to reduce the burden of debt servicing.

Despite concerns from some quarters about Nigeria’s growing debt profile, the majority of lawmakers argued that the infrastructure deficit justifies the borrowing—provided the funds are judiciously utilized.

Chairman of the Committee, Hon. Ahmed Dayyabu, assured the House that the loan terms had been scrutinized and met all fiscal responsibility criteria. He added that the investment would yield long-term economic benefits, particularly in logistics, construction, and job creation.

The bill now awaits Senate concurrence before being transmitted to the Presidency for final approval.