Tinubu, the President, petitions the House of Representatives, soliciting approval for an additional $47 million to fund the Lagos-Calabar Coastal Project.
The Senate has given its approval to President Bola Tinubu's external borrowing plan for the 2025-2026 fiscal period, paving the way for the implementation of the 2025 Appropriation Act. The plan includes a total of $21.5 billion in external loans, with the funds set to be utilised for various critical national development projects across key sectors of the economy.
## Breakdown of the External Borrowing Plan
The plan comprises direct foreign loans amounting to $21.19 billion, a Japanese Yen loan of 15 billion yen (approximately $100 million), a Euro grant of 65 million euros (approximately $72 million), and up to $2 billion through a foreign-currency-denominated instrument in the domestic market. Additionally, the plan includes approximately ₦757 billion in Federal Government Bonds for pension arrears.
## Funding the Lagos-Calabar Coastal Highway Project
One of the key projects to benefit from the borrowing plan is the Lagos-Calabar Coastal Highway, which has seen its cost rise from an initial $700 million to $747 million. To cover this increased cost, President Tinubu has requested an additional $47 million, which is currently under review by the House of Representatives.
## Coordination and Status
The funding arrangement for the project was coordinated by Deutsche Bank, with the approval of the borrowing plan given by the Senate on July 22, 2025, following the presentation of a report by Senator Aliyu Wamakko. The loans are part of the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2025 budget, ensuring alignment with the budget implementation.
## Infrastructure Development Agenda
The Ministry of Finance described the syndicated loan as a significant development and a step towards achieving the incumbent administration's infrastructure development agenda. The loan will fund various infrastructure projects, including the first phase of the Lagos-Calabar Coastal Highway project, which is 47.47 kilometres long.
The approval of the external borrowing plan marks a significant milestone in President Tinubu's efforts to drive national development and infrastructure growth. The funds will be instrumental in delivering projects that aim to improve connectivity, boost economic activity, and enhance the lives of millions of Nigerians.
[1] Senate Approves President Tinubu's External Borrowing Plan - The Guardian Nigeria [2] Senate Clears Way for Implementation of 2025 Appropriation Act - Premium Times [3] President Tinubu's Borrowing Plan Aligned with Budget Implementation - ThisDay Live [4] Lagos-Calabar Coastal Highway Project Cost Increases to $747 Million - Vanguard Nigeria
- The Senate, led by President Bola Tinubu, has given approval to an external borrowing plan worth $21.5 billion, facilitating the implementation of the 2025 Appropriation Act.
- The plan, which includes a Japanese Yen loan, Euro grant, and various foreign loans, is poised to fund critical national development projects across sectors such as business, politics, and general news.
- The plan, coordinated by Deutsche Bank, also includes ₦757 billion in Federal Government Bonds for pension arrears.
- One of the key projects to benefit from this borrowing plan is the Lagos-Calabar Coastal Highway, with an increased cost of $747 million; President Tinubu has requested an additional $47 million, currently under review by the House of Representatives.
- The funding arrangement for this project has been given the go-ahead by the Senate, following a report by Senator Aliyu Wamakko, ensuring alignment with the budget implementation.
- The Ministry of Finance has described the loan as a significant step towards achieving the incumbent administration's infrastructure development agenda, aiming to improve connectivity, boost economic activity, and enhance the lives of millions of Nigerians.
