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Lagos-Calabar road project missing in 2025 budget
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There is uneasy calm over the omission of the Lagos-Calabar Coastal Road from the 2025 budget proposal presented to the National Assembly recently by President Bola Ahmed Tinubu, Daily Trust can report.
The coastal road, one of the signature projects of President Tinubu which has generated a lot of controversy since its commencement last year, is expected to gulp around N16 trillion.
Questions have been raised about the funding of the project which the federal government hitherto stated would be through a public-private partnership (PPP) arrangement.
In February of last year, the Federal Executive Council (FEC) approved a N1.07 trillion contract for the construction of the first phase of the project.
The minister disclosed that the pilot phase covers a 47.47-kilometre dual carriageway of five lanes on each side and a train track in the middle.
The minister disclosed that FEC at its October 30 meeting approved the procurement of the project under the EPC+F (Engineering, Procurement, Construction and Financing) and in favour of High Tech Construction African Limited.
Umahi said, “They already have started searching for the funding, but hitches here and there. And so, the ministry had to go back to Mr President to ask for two things, and that was on January 18. We asked, Can we fast-track this?
“Since this project was going to be procured in two phases and multiple sections, can we get the federal government to fund phase one, which is what is 47.47 kilometres running from Ahmadu Bello in Lagos down to Lekki Deep Seaport? Mr President graciously approved.
“Today, we have procured the first section, which is 47.47 kilometres, under 10 lanes and FEC graciously approved the contract for N1.067tn with no objection.”
In December, last year, Umahi further disclosed that some sections of the highway and the Sokoto-Badagry Superhighway would be commissioned by May 2025.
However, the source of funding of the project remains unclear as there was no mention of the project in the 2025 budget.
The Federal Ministry of Works has a total capital allocation of N1,065,171,466,605 in the 2025 budget proposal.
But the Lagos-Calabar Coastal Road which is under construction was not included in the budget as further observed by BudgIT, a leading civic-tech organisation while raising fresh concerns over the 2025 budget.
In a recent statement released on its X handle, BudgIT asserted: “This omission implies that if funding for this project materialises, it will likely necessitate reallocating funds from other critical projects, potentially hindering their implementation and impacting the budget’s credibility.”
The statement was signed by BudgIT’s Communications Associate, Nancy Odimegwu.
According to the group, some of the projections in the budget were unrealistic even as it faulted the failure of government to provide a breakdown of the budget of some ministries, departments and agencies.
BudgIT noted that in previous years, it identified several budgetary insertions made by the National Assembly that deviated from the federal government’s constitutional mandate and priorities while such projects were assigned to MDAs “that have neither the capacity nor the mandate to implement the inserted projects.”
The group noted that in 2021, it observed that 5,601 capital projects were added to the Appropriation Bill during the review process by the National Assembly. In 2022, it increased to 6,462 projects across 37 mother ministries and 340 MDAs, while in 2024, 7,447 insertions amounting to a staggering N2.24 trillion were found in the budget.
“While the constitution grants the National Assembly the authority to appropriate funds, it often modifies the executive’s proposed budget to distort its original intent and disconnect it from the nation’s long-term development agenda.
“Many inserted projects usually lack proper conceptualisation, design, and cost estimation, undermining their effectiveness and feasibility. We believe that the legislature must exercise this power with the utmost responsibility. This responsibility, which cannot be overstated, entails ensuring resource efficiency, eliminating waste, and aligning budgetary decisions with the nation’s long-term economic development goals,” BudgIT said.
Ahead of the review of the budget, BudgIT appeals to the lawmakers “to prioritise national interest over personal or parochial considerations and ensure that the approved budget stimulates economic activities and macroeconomic stability, allocates resources to foster economic growth and development, equitably distributes resources to reduce poverty and inequality, and caters to the most vulnerable Nigerians.”
Source: Daily Trust
The All Progressives Congress has ordered all Primary Election Committees to submit reports and result sheets from its 2027 primaries by Monday, May 25, 2026.
The directive was announced in a statement issued May 24 by APC National Publicity Secretary Felix Morka. It covers governorship, senatorial, House of Representatives, and state assembly primaries.
The party said submissions for legislative bye-election reports will open on May 30, 2026.
National Organising Secretary Sulaiman Muhammad Argungu signed the notice and urged committees to ensure documents are submitted promptly and accurately.
APC said sticking to the deadlines is critical for transparency and credibility in its internal electoral process ahead of the 2027 general elections.
Edo South Senatorial District All Progressives Congress APC Senate flag bearer, Hon Omoregie Ogbeide-Ihama has hailed the reemergence of Bola Tinubu as APC presidential candidate in the 2027 general elections.
Ogbeide-Ihama in a congratulatory message he personally signed hailed President TInubu describing him as the iroko tree that provides shades for all.
Recall that Tinubu was declared winner of the keenly contested APC Presidential Primary, held at the Eagle Square in Abuja, said is truly the arrowhead of politics in Nigeria, adding that as one of the movers and shakers of APC from day one his victory did not come as a surprise.
He stressed that the emergence of Senator Tinubu was a result of dint of hard work, and that the votes that gave him victory was a clear manifestation of his general acceptance.
Ogbeide-Ihama noted that Tinubu is truly a political caterpillar that pilots his affairs without rancour with his massive shoulders warehousing all and sundry to the admiration of his political adversaries.
” I hail you my Excellency as you have proven it again that definitely you can take Nigeria to the next level.
The price of North Sea Brent crude and West Texas Intermediate slipped close to five percent to $99.41 and $92.49 a barrel, respectively.
The United States and Iran appear closer than ever to a deal that would end the war that has ravaged the Middle East since late February, sending energy prices soaring and stoking global inflation.
But sticking points in their negotiations have tempered hopes of a swift resolution to restore the transit of oil and gas through the Strait of Hormuz.
US President Donald Trump said on Sunday he had informed US negotiators “not to rush into a deal”.
“The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side,” a post to Trump’s official Truth Social account said.
Iran’s Tasnim news agency said that, based on their information, key clauses of a possible agreement remained unresolved.
One of the main sticking points has been whether Tehran is willing to hand over its stockpile of highly enriched uranium.
The release of Iran’s frozen assets held under longstanding US sanctions and whether Lebanon, repeatedly targeted by Israeli strikes, will be included in any peace deal are also key issues.
Markets across Asia climbed in early trade on hopes that Washington and Tehran will be able to overcome these hurdles.
Tokyo soared more than three percent in early trade on Monday, while Hong Kong and Seoul were closed for public holidays.
Shanghai inched upwards, with Taipei, Manila, Bangkok, Jakarta, Singapore, Sydney, and Wellington also climbing.
Kuala Lumpur was down 0.1 percent.
“The weekend news flow has once again focused on the prospects for a negotiated deal between the US and Iran,” said Chris Weston, head of research at Pepperstone.
“According to reports from Donald Trump, a memorandum of understanding has been ‘largely negotiated’, with details to be announced at some stage soon, although there appears to be limited urgency,” Weston said.
Investors will also be keeping an eye on how the US Federal Reserve and its new chief, Kevin Warsh, react to Personal Consumption Expenditures (PCE) data this week, as well as European inflation metrics.
“The inflation story remains central to the entire setup,” said SPI Asset Management analyst Stephen Innes.
“Investors will receive another critical read on Thursday with the release of the Personal Consumption Expenditures index, the Federal Reserve’s preferred inflation gauge.
“After several hotter-than-expected consumer and producer inflation reports earlier this month, markets are increasingly concerned that elevated oil prices and supply disruptions tied to the Middle East conflict are beginning to seep into the broader inflation pipeline.”
The conflict erupted after the United States and Israel attacked Iran on February 28, and the Islamic Republic responded with missile and drone attacks across the region.
The United States and Iran have observed a ceasefire since April 8 while mediators push for a negotiated settlement, although Tehran has imposed controls on Gulf shipping and Washington has blockaded Iran’s ports.
Currency dealers monitor exchange rates as an electronic screen shows the prices of WTI (L), Brent crude (C), and Dubai crude (R) in a foreign exchange dealing room at the Hana Bank headquarters in Seoul on March 13, 2026. (Photo by Jung Yeon-je / AFP)
Key Figures At Around 0215 GMT
Brent North Sea Crude: DOWN 3.99 per cent at $99.41 a barrel
West Texas Intermediate: DOWN 4.25 per cent at $92.49 a barrel
Tokyo – Nikkei 225: UP 3.2 per cent at 65,358.97
Shanghai – Composite: UP 0.3 per cent at 4123.89
Hong Kong – Hang Seng Index: UP 0.9 percent at 25,606.03 (close)
Euro/dollar: UP at 1.1640 from 1.1608 on Friday
Pound/dollar: UP at $1.3480 from $1.3441
Dollar/yen: DOWN at 158.86 from 159.13 yen
Euro/pound: DOWN at 86.35 from 86.36 pence
New York – DOW: UP 0.6 per cent at 50,579,70 (close)
New York – S&P 500: UP 0.4 per cent at 7,473.47 (close)
New York – Nasdaq: UP 0.2 per cent at 26,343.97 (close)
London – FTSE 100: UP 0.2 per cent at 10,466.26 (close)
Paris – CAC 40: UP 0.4 per cent at 8,115.75 (close)
Frankfurt – DAX 30: UP 1.2 per cent at 24,888.56 (close)
AFP
See Black Market Dollar To Naira Exchange Rate Today 25th May 2026
APC sets May 25 deadline for 2027 primary elections results submission
2027: Ogbeide-Ihama hails Tinubu’s reemergence as APC presidential flag bearer
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