President Bola Tinubu has asked the House of Representatives to approve a revised borrowing plan for the 2025–2026 period.
In a letter delivered by Speaker Abbas Tajudeen and signed by Finance Minister Wale Edun, Tinubu is requesting an extra $47 million for the Lagos-Calabar Coastal Highway. This would raise the loan for the project from $700 million to $747 million.
The President said the additional funding will cater to updated project costs. He also stressed the importance of meeting the financial obligations stated in the financing agreements.
“When the plan was first sent to the National Assembly, the lead arranger had only secured $700 million in commitments,” Tinubu stated.
According to him, “the balance was provided by export credit agencies.” Now, the federal government wants the loan to reflect the full $747 million cost for a smooth execution.
Speaker Abbas read the request on the House floor on Wednesday.
₦300m Telecom Push for Rural Nigeria
Apart from the coastal road loan, the President is also asking for a separate $300 million loan. This one targets Nigeria’s unconnected rural areas.
The money will be used for the Universal Communications Access Project. The goal is to provide mobile network access to over 21 million people in 4,834 underserved communities.
“We intend to deploy 7,000 telecom towers,” the letter stated. These towers will help close Nigeria’s widening digital gap by linking remote villages and small towns to basic communication services.
The telecom project is part of Nigeria’s broader strategy to boost digital inclusion and economic activity in rural regions.
Infrastructure and Connectivity Top Tinubu’s Foreign Loan Priorities
The Lagos-Calabar highway is one of Tinubu’s flagship infrastructure projects. The government claims the coastal road will boost trade, tourism, and movement across Nigeria’s southern states.
Likewise, the rural telecom plan is projected to unlock opportunities in education, business, and emergency response in areas previously left behind.
But critics are concerned about Nigeria’s ballooning debt situation and are wondering if Nigeria can handle this fresh debt sustainably, and if these are the right priorities in the first place.
wpdiscuz-feedback id=”pcmvhtl5bx” question=”Is the government of Tinubu on the right course, or mortgaging the future of the country with more debts? Is the Lagos-Calabar highway worth another $47 million loan?” opened=”0″]Is the government of Tinubu on the right course, or mortgaging the future of the country with more debts? Is the Lagos-Calabar highway worth another $47 million loan?[/wpdiscuz-feedback]
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