Abuja, July 24, 2025 – President Bola Tinubu is seeking additional $347 million loan under the federal government’s 2025–2026 external borrowing plan.
He said additional funding was needed to accommodate revised project costs and ensure timely completion of the highway, a flagship infrastructure project under the current administration.
The president made the request to the House of Representatives through a letter read at the plenary on Wednesday by the Speaker of the House, Abbas Tajudeen.
The president said additional $47 million was required for the Lagos-Calabar Coastal Highway project whose cost had risen from $700 million to $747 million.
He explained the projects under the revised borrowing plan were selected based on rigorous economic evaluations and their projected contribution to national development goals, including job creation, skill development, promotion of entrepreneurship, and poverty reduction.
The House referred the request to the Joint Committee on Finance, Aids, Loans and Debt Management for further legislative scrutiny.
