BY SEGUN ADEBAYO – President Bola Tinubu has approached the House of Representatives seeking an additional $47 million to invest in the ongoing Lagos-Calabar Coastal Highway project.
This development will ultimately bring the project’s total cost from $700 million to about $747 million.
Consequently, the President is asking the lower legislative chamber to revise the Federal Government’s external borrowing plan for the 2025–2026 fiscal cycle to accommodate this new request.
The presidential request is conveyed in a letter sent to the House through Speaker Abbas Tajudeen and signed by Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
According to the letter, the additional funding is necessary to accommodate revised project costs and ensure timely completion of the highway, a flagship infrastructure project under the Renewed Hope agenda of the current administration.
In the request read on the floor of the House by Speaker Abbas on Wednesday, President Tinubu explained that said the lead arranger for financing only had funding commitments of up to $700 million from lenders when the borrowing plan was initially transmitted to the National Assembly (NASS).
He said the shortfall in the financing was covered by export credit agencies, adding that it is imperative to increase the project’s financing by $47 million to match the loan size specified in the financing documents.
Additionally, the President also told the Lawmakers that about $300 million is required for the Nigerian universal communications access project.
He said the initiative is meant to provide mobile connectivity to over 21 million people in about 4,834 unconnected communities nationwide.
The project profile indicate that it will involve the deployment of about 7,000 telecommunication towers, targeting underserved and unserved communities with the goal of bridging Nigeria’s digital divide going forward.
