President Bola Tinubu has asked the House of Representatives to revise the federal government’s external borrowing plan for the 2025–2026 fiscal cycle.
In a letter conveyed by Speaker Abbas Tajudeen and signed by Finance Minister, Wale Edun, the President is seeking an additional $47 million for the Lagos-Calabar Coastal Highway project, bringing the total cost from $700 million to $747 million.
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 current administration.
The request was read on the floor of the House by Speaker Abbas on Wednesday.
President Tinubu said the lead arranger for financing only had financing commitments of up to $700 million from lenders when the borrowing plan was transmitted to the National Assembly.
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.
He also said $300 million is required for the Nigerian universal communications access project.
The initiative is aimed at providing mobile connectivity to more than 21 million people in 4,834 unconnected communities across the country.
The project will involve the deployment of 7,000 telecommunication towers, targeting underserved and unserved communities with the goal of bridging Nigeria’s digital divide.
DailyTrust
