Tinubu Seeks Additional $347m Loan for Coastal Road Amid Cost Surge

Tinubu Seeks Additional $347m Loan for Coastal Road Amid Cost Surge

President Bola Tinubu has asked the House of Representatives to approve an extra $347 million loan to cover rising costs in the controversial Lagos-Calabar Coastal Highway project.

The request, part of the revised 2025–2026 external borrowing plan, was read by Speaker Abbas Tajudeen on Wednesday. Tinubu attributed the increase—bringing the total project cost to $747 million—to updated economic assessments and national development goals.

The House referred the proposal to its Joint Committee on Finance, Aids, Loans, and Debt Management for review.

This marks Tinubu’s third major foreign loan request since taking office. Critics continue to raise concerns over Nigeria’s rising debt, which stood at ₦121 trillion ($91 billion) as of March 2025.