By Charles Pemu 
Abuja – President Bola Tinubu has requested the House of Representatives to amend the federal government’s external borrowing plan for the 2025–2026 fiscal period, seeking an additional $47 million to cover rising costs in the Lagos-Calabar Coastal Highway project.
The request, presented on Wednesday by Speaker Abbas Tajudeen and detailed in a letter signed by Finance Minister Wale Edun, would raise the project’s total funding from $700 million to $747 million.
According to the president, the additional funds are necessary to align with updated financing documents and ensure the project is completed as scheduled.
“The lead arranger for financing secured commitments of only $700 million when the borrowing plan was first submitted,” Tinubu explained. “The $47 million shortfall, now covered by export credit agencies, must be reflected in the revised borrowing plan.”
The Lagos-Calabar highway is a signature infrastructure initiative of the Tinubu administration, designed to boost coastal commerce, mobility, and tourism.
In a separate request, the president also sought $300 million for the Nigerian Universal Communications Access Project, aimed at bridging Nigeria’s digital divide.
The telecommunications initiative targets over 21 million Nigerians in 4,834 unconnected communities, through the deployment of 7,000 telecom towers nationwide.
The president said the project would deliver last-mile mobile connectivity to underserved areas, aligning with national digital inclusion goals and supporting broader economic development.