President Bola Ahmed Tinubu has approached the House of Representatives to approve a key amendment to the 2025–2026 External Borrowing Plan, citing rising costs and urgent infrastructure needs across the country.
The President’s request, communicated through a letter signed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, was read on the floor of the House by Speaker Tajudeen Abbas on Wednesday.
According to the letter, an additional $47 million is required to complete the ongoing Lagos-Calabar Coastal Highway, whose project cost has now risen from $700 million to $747 million. The project has become one of the cornerstones of the Tinubu administration’s infrastructure drive, designed to boost economic activity and connect major southern cities through a 700-kilometre expressway.
In addition, the Federal Government is seeking $300 million for the Nigeria Universal Communication Access Project, a bold effort to provide telecom services to over 21 million Nigerians living in nearly 5,000 unconnected rural communities. The plan includes the installation of 7,000 telecom towers, bringing long-awaited access to mobile voice and internet in remote areas.
It would be recalled that just two weeks ago, the Federal Government secured a $747 million syndicated loan coordinated by Deutsche Bank, marking Nigeria’s largest-ever road infrastructure loan.
Commenting on the development, Ministry spokesperson Mohammad Manga said the funding reflects the administration’s commitment to bridging infrastructure gaps and driving inclusive development.
In a related move, the Senate on Tuesday gave final approval to the $21.19 billion external borrowing plan, along with €4 billion, ¥15 billion, and a ₦757 billion domestic bond, effectively paving the way for full implementation of the 2025 Appropriation Act.
