Tinubu Seeks $347 Million Extra Loan for Coastal Highway and Telecom Expansion
President Bola Ahmed Tinubu has requested the approval of an additional $347 million in foreign loans from the National Assembly to support key infrastructure projects, including the Lagos-Calabar Coastal Highway and a nationwide telecom expansion initiative.
The request was conveyed in a formal letter read on the floor of the House of Representatives by Speaker Tajudeen Abbas during Wednesday’s plenary session.
According to the president, $47 million of the loan will be used to cover a funding shortfall in the ongoing Lagos-Calabar Coastal Highway project, whose total financing requirements have now grown from $700 million to $747 million. Tinubu noted that the initial funding proposal secured only $700 million through financing commitments from export credit agencies, leaving a $47 million gap that must now be filled.
The remaining $300 million is earmarked for the Nigerian Universal Communications Access Project (NUCAP)—a telecommunications infrastructure initiative aimed at improving network access in underserved and rural communities.
The president explained that the NUCAP project was inadvertently omitted from the original 2025–2026 borrowing plan submitted earlier to the National Assembly. The initiative targets the installation of 7,000 telecom towers across remote parts of Nigeria to enhance digital connectivity, economic participation, and service delivery in marginalised areas.
“The goal is to bridge the digital divide and ensure that no Nigerian is left behind in the information age,” Tinubu said in the letter.
Both the Lagos-Calabar Coastal Highway and NUCAP are considered flagship projects under Tinubu’s Renewed Hope infrastructure agenda. However, the proposed additional borrowing may face scrutiny amid growing concerns about Nigeria’s rising debt burden.
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