The Federal Government will now spend $747 million on the Lagos-Calabar Coastal Highway following the House of Representatives’ approval of an additional $47 million external loan for the project.

The 700-kilometre Lagos-Calabar Coastal Highway, being constructed by Hitech Construction Company Ltd, is expected to be completed within eight years.

In addition to the $47 million for the highway, the House of Representatives also approved President Tinubu’s request for a broader external borrowing package under the 2025–2026 External Borrowing (Rolling) Plan.

The approved facility includes $21.89 billion, €2.19 billion, ¥15 billion, and a grant of €65 million for various projects and programmes across the country.

 

The loan is part of the government’s revised 2025–2026 external borrowing plan, which was approved by lawmakers on Wednesday.

In a letter to the National Assembly, President Bola Tinubu explained that the loan adjustment was necessitated by a rise in the project’s funding needs—from $700 million to $747 million.

He noted that the projects under the revised plan were chosen based on rigorous economic analysis and their expected contributions to national development, including job creation, skill acquisition, entrepreneurship, and poverty reduction.

The new loan approval comes amid growing public concern over the slow pace of work on the coastal highway since its March 2024 flag-off.