The Federal Government don spend N6.47 trillion on major infrastructure projects between June 2023 and December 2025, with road projects taking more than half of the money.
According to the Federal Government’s newly released Nigeria Reform Scorecard, the Lagos-Calabar Coastal Highway received the biggest allocation among the listed infrastructure projects, with N2.23 trillion spent on its construction.
The Sokoto-Badagry Superhighway follow with N1.11 trillion, while N489.3 billion go to the Trans-Sahara Superhighway.
Together, the three highway projects account for about N3.83 trillion out of the N6.47 trillion wey government spend on strategic infrastructure during the period.
The report, titled “The Benefits, Costs and Harm Prevented,” show how government use additional resources generated or made available through its economic reforms.
Overall, the Federal Government recorded N30.64 trillion in additional expenditure during the 30 months.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, earlier said the removal of petrol subsidy and unification of the foreign exchange market helped mobilise N15.8 trillion in additional resources for the Federation.
Oyedele said, “Between June 2023 and December 2025, subsidy savings mobilised a sum of N15.8tn in resources for the Federation. Many people will say, ‘Where is the subsidy saving?’ As a matter of fact, there wasn’t any line in the Federation Account with the description, ‘subsidy savings.’
“So, the subsidy savings showed up in the form of higher collection by Customs because, for every one dollar of import duty before, at N460, it became one dollar at N1,004, N1,003, N1,005. The NRS, Petroleum Profit Tax that it collected before, same dollar, higher amount in naira. So, the savings showed up in the Federation accounts by way of higher revenue collections as a result of the reforms.”
Apart from the three major highways, government spent N366 billion on road emergency intervention projects and N304.2 billion on the Abuja-Kaduna-Kano Road, Section II.
Another N291.3 billion went to the Lekki Deep Sea Port Access Road, while N250 billion was spent on the Renewed Hope Smallholder Support Programme.
The Ilesha-Akure-Benin road section received N228.4 billion, while N124.7 billion was used to construct 1,550 housing units for Nigerian Armed Forces personnel.
Government also spent N109.9 billion on Operation Lake Sanity, a multinational security operation.
The Ministry of Finance said the infrastructure spending was aimed at addressing longstanding problems affecting investment, productivity and economic growth.
“The objective is to use improved fiscal capacity to address infrastructure constraints that limit investment, productivity and economic growth,” the report stated.
Lagos-Calabar Highway Takes Largest Share
The Lagos-Calabar Coastal Highway alone received N2.23 trillion, representing about 34 per cent of the total N6.47 trillion spent on strategic infrastructure during the period.
The project, one of the major road projects of the Tinubu administration, is expected to run along Nigeria’s southern coastline and connect nine states when completed.
The first 47.47-kilometre section in Lagos has been substantially completed, while construction is ongoing on sections in Ogun, Ondo, Calabar and Akwa Ibom.
The project has also generated public debate over its cost, financing and the amount government has paid for its construction.
The N2.23 trillion allocated to the Lagos-Calabar Highway is more than twice the N1.11 trillion spent on the Sokoto-Badagry Superhighway and more than four times the N489.3 billion spent on the Trans-Sahara Superhighway.
Other Government Spending
While N6.47 trillion went into strategic infrastructure, the government spent more on wage adjustments and the effect of foreign exchange movements on external debt.
Wage adjustments accounted for N9.39 trillion, while the impact of exchange rate movements on external debt service was N9.37 trillion.
Another N1.24 trillion was attributed to monetary policy decisions affecting domestic debt service.
Social welfare transfers received N424 billion, while N419 billion went to the FCT, Ecological Fund and Natural Resources-related interventions.
The scorecard also showed that the Federal Government borrowed an additional N11.85 trillion during the period.
Wage adjustments and the foreign exchange impact on external debt service together accounted for N18.76 trillion, representing about 61.2 per cent of the N30.64 trillion additional expenditure recorded during the period.
