President Bola Ahmed Tinubu has formally requested the House of Representatives to approve an amendment to the Federal Government’s External Borrowing Plan for the 2025–2026 period. The proposed amendment seeks an additional $47 million in external financing for the Lagos-Calabar Coastal Highway project, increasing the project’s total cost from $700 million to $747 million.
According to the communication sent to the House, the request is part of broader efforts to realign government spending with evolving infrastructure needs and ensure the timely delivery of critical national projects. The letter, signed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, was presented to lawmakers by Speaker Abbas Tajudeen during plenary.
The Lagos-Calabar Coastal Highway is a major infrastructure initiative designed to improve connectivity and facilitate economic integration along Nigeria’s southern coastline. The highway is expected to boost regional trade, enhance tourism, and open up economic opportunities for coastal communities stretching from Lagos to Cross River State. The additional funding is anticipated to cover expanded construction needs and address unforeseen project costs arising during the initial implementation phase.
In addition to the highway project, President Tinubu’s revised borrowing plan includes a significant digital infrastructure initiative: the Nigeria Universal Communication Access Project. Valued at $300 million, the project aims to expand mobile and internet access to more than 21 million Nigerians living in 4,834 unconnected and underserved communities.
The initiative will be executed through the deployment of 7,000 new telecommunications towers nationwide, with a focus on remote and rural areas that currently lack reliable mobile network coverage. By bridging the digital divide, the project is expected to enhance access to education, healthcare, financial services, and e-governance platforms, contributing to inclusive economic growth.
The revised borrowing plan is part of the Federal Government’s broader strategy to leverage external financing for critical infrastructure projects, while aligning with Nigeria’s medium-term development goals. Lawmakers are expected to deliberate on the request in the coming weeks.
