President Bola Ahmed Tinubu has formally requested an amendment to Nigeria’s External Borrowing Plan for 2025–2026, asking the National Assembly to approve an additional $47 million loan for the Lagos-Calabar Coastal Highway project.
The request was contained in an official letter signed by Finance Minister and Coordinating Minister of the Economy, Wale Edun. Speaker of the House, Tajudeen Abbas, presented the letter to the House of Representatives, marking the next phase in legislative review.
If approved, the new request would raise the total funding for the coastal highway project from $700 million to $747 million. The Lagos-Calabar Coastal Highway is a flagship infrastructure initiative designed to connect several southern states along Nigeria’s coastline, potentially transforming trade routes, tourism, and regional development.
The highway is seen as a strategic national project capable of boosting Nigeria’s economy through improved transportation access, especially across port cities. However, Tinubu’s request for an additional loan is stirring public concern amid Nigeria’s ballooning debt profile and rising inflation.
Lawmakers are expected to debate the proposal in coming days, weighing the benefits of the infrastructure project against the implications of more external borrowing.
While the federal government argues that such investments will drive long-term economic growth and job creation, critics question the timing and sustainability of increasing Nigeria’s external debt obligations.
If granted, this loan will likely be sourced from multilateral development institutions and factored into the country’s long-term debt servicing plans.
As Nigeria pushes for infrastructure-led growth, the approval or rejection of this $47 million addition will signal the government’s fiscal direction and commitment to completing major projects under Tinubu’s administration.
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