Tinubu Demands Extra $47M For Coastal Megaproject – Cities React

President Bola Tinubu has formally requested the House of Representatives to approve a revision of the 2025–2026 Federal Government External Borrowing Plan to cover funding gaps in key projects.

The request, outlined in a letter signed by Finance Minister Wale Edun, was read by Speaker Abbas Tajudeen during Wednesday’s plenary session.

According to the letter, an additional $47 million is required for the Lagos-Calabar Coastal Highway project, increasing the total cost from $700 million to $747 million.

In addition, the proposal includes the $300 million Nigeria Universal Communication Access Project. This initiative aims to extend mobile connectivity to over 21 million people across 4,834 previously unconnected communities, particularly in remote and underserved regions, through the installation of 7,000 telecom towers.

It’s worth noting that just two weeks ago, the Federal Government announced it had secured a $747 million loan to fund the first phase of the Lagos-Calabar highway. The loan, arranged by Deutsche Bank, is reportedly the largest ever secured by Nigeria for a single road infrastructure project.

The initial phase of the highway spans 47.47 kilometers and is part of a broader 700-kilometer expressway designed to connect Lagos to Calabar, the capital of Cross River State.

Speaking on the project, Finance Ministry spokesperson Mohammad Manga described the syndicated loan as a landmark achievement. He emphasized that it represents a significant step forward in the Tinubu administration’s commitment to infrastructure development.

Meanwhile, the Senate on Tuesday approved President Tinubu’s external borrowing plan of over $21 billion for the 2025–2026 fiscal year. This approval paves the way for full implementation of the 2025 national budget.

The comprehensive borrowing package includes $21.19 billion in foreign loans, €4 billion, ¥15 billion, a $65 million grant, and ₦757 billion in domestic borrowing through government-issued bonds.