President Bola Tinubu has asked the House of Representatives to amend Nigeria’s external borrowing plan for the 2025–2026 fiscal cycle, requesting an additional $47 million for the Lagos-Calabar Coastal Highway project.
The request, conveyed through Speaker Abbas Tajudeen and signed by Finance Minister Wale Edun, would raise the project’s total cost from $700 million to $747 million. The President cited a financing shortfall in earlier lender commitments, which has since been bridged by export credit agencies.
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The highway remains a key part of the administration’s infrastructure agenda.
In a related request, Tinubu also proposed a $300 million loan to fund the Nigerian Universal Communications Access Project. The initiative aims to extend mobile connectivity to over 21 million people in nearly 5,000 unserved communities by deploying 7,000 telecom towers—part of wider efforts to reduce the country’s digital divide.
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