As the federal government has obtained a further credit facility from Deutsche Bank, experts in the transparency sector have demanded transparency in the financing of the Lagos-Calabar coastal route.
A syndicated loan of N1.2 trillion ($747 million) was obtained by the government to finance Phase 1 Section 1 of the Lagos-Calabar Coastal Highway.
The road is a key project under the federal government’s Renewed Hope Infrastructure Development Agenda, according to Daily Trust.Musa Ibrahim, a development expert, told Daily Trust that since there is a significant amount at stake, openness is essential.
We learn that the contract was given on a counterpart-funding basis rather than a public-private partnership, and the 700-kilometer Lagos-Calabar Coastal Highway will cost N4.93 billion per kilometer.
Additionally, roughly N1.06 trillion has been made available for the pilot phase, which accounts for 6% of the project and starts in Eko Atlantic and is anticipated to end at the Lekki Deep Sea Port. To make sure that no kobo is diverted, the Economic and Financial Crimes Commission (EFCC) and others must be involved because these funds are enormous.
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