The House of Representatives on Wednesday approved President Bola Tinubu’s request to borrow $347 million under the 2025–2026 borrowing plan, aimed primarily at financing the Lagos-Calabar Coastal Highway project.
Speaker of the House, Tajudeen Abbas, read the President’s formal request during plenary, highlighting the need to close a funding gap for the critical infrastructure project.
According to President Tinubu’s correspondence, the cost of the highway project has risen from $700 million to $747 million, necessitating an additional $47 million to meet the updated financing requirements.
Explaining the request, the President said the initial borrowing plan submitted to the National Assembly had secured commitments of up to $700 million from lenders through the project’s lead financing arranger. The remaining shortfall, he noted, has been covered by export credit agencies.
“It is, therefore, necessary to increase the value of the financing for the project by $47 million to ensure it aligns with the loan size agreed in the finance documents for the project,” Tinubu’s letter stated.
The Lagos-Calabar Coastal Highway is considered a flagship infrastructure project under the current administration, with expectations that it will boost regional trade, connectivity, and tourism.
