Nigeria president seeks $22B infrastructure loan approval - Semafor

Nigerian President Bola Tinubu asked lawmakers to approve a $22 billion borrowing plan to fund infrastructure projects to be undertaken if he secures a second term in January’s election. The request came as the president and his chief rivals stepped up campaigning in major Nigerian cities.

Tinubu has backed ambitious infrastructure projects since taking office in 2023, including a 750km coastal highway to connect Lagos to eastern commercial cities. But the $11 billion project, which is under construction, has been beset by controversy after the government floated a plan to divert it into an existing road.

Previous administrations have been plagued by poor accountability on large-ticket projects, a problem the president’s critics say remains the case under Tinubu.