Business
Landmark $747 MILLION Syndicated Loan For Phase 1 Section 1 Of The Lagos -Calabar Costal Highway
In a major milestone for Nigerian and West African infrastructure development, Deutsche Bank led a $747 million syndicated loan to finance Phase 1 Section 1 (from Victoria Island to Eleko Village 47+47km) of the Lagos-Calabar Coastal Highway, a flagship project under Nigeria’s Renewed Hope Infrastructure Development Agenda.
This marks the first syndicated road infrastructure loan of its size in Nigeria and is a strong signal of global investor confidence in the country’s reform trajectory and infrastructure pipeline.
Deutsche Bank acted as Global Coordinator, Initial Mandated Lead Arranger and Bookrunner and participated in the syndicate, alongside other regional and international lenders. The Islamic Corporation for the Insurance of Investment and Export Credit (“ICIEC”) provided partial political and commercial risk insurance. The syndicate includes support from development finance institutions, export credit agencies and international commercial banks—notably First Abu Dhabi Bank, also acting as Agent across all facilities and Intercreditor Agent, whose involvement underscores its strong and growing support for Nigeria. Other lenders involved are the African Export-Import Bank (“Afrexim”), the Abu Dhabi Exports Office (“ADEX”), the ECOWAS Bank for Investment and Development (“EBID”), Nexent Bank N.V. (formerly known as Credit Europe Bank N.V.) and Zenith Bank (through its UK, Paris and Nigeria offices).
The project is structured as an EPC+F (Engineering, Procurement, Construction + Financing) contract awarded to Hitech Construction Company, one of Nigeria’s leading infrastructure firms. This structure aims at a strategic partnership between the Government and the private sector, seamlessly aligning technical execution with financing solutions. It enables fast-track project delivery while unlocking and maximizing private sector appetite for investment in the country’s priority infrastructure. Construction of Phase 1 Section 1 is already over 70% complete.
The highway, constructed using Continuously Reinforced Concrete Pavement (CRCP), reflects a commitment to long-term resilience and efficiency. Engineered for a minimum lifespan of 50 years with minimal maintenance, it offers outstanding durability and cost-effectiveness. The project’s design and implementation have been shaped by comprehensive technical, legal, and environmental and social assessments, ensuring alignment with the highest international standards.
The Lagos-Calabar Coastal Highway will serve as a vital trade and logistics corridor, enhancing regional integration, tourism, reducing transport costs, and creating jobs. A tolling strategy is currently being finalised to ensure the project’s operational and financial sustainability. These mechanisms will support a self-sustaining, concession-backed framework, helping to ensure long-term viability. Financing for subsequent phases is already being structured, with strong interest from regional and international investors.
This landmark transaction reflects the renewed engagement of international financial institutions with Nigeria, driven by bold macroeconomic reforms and a commitment to delivering bankable, transformative projects.
*Quotes*
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria
*“This deal reflects the success of our macroeconomic reforms and the return of international capital to support Nigeria’s development. We are focused on financing infrastructure in ways that are sustainable, transparent, and catalytic—and this transaction is a model of that vision in action. The closing of this market defining financing is yet another testament to Mr President’s commitment to accelerate the participation of the private sector in infrastructure financing and development. It positions the country as being ready for a full transition to the design, development, financing as well as operations and management of critical public infrastructure through Public Private Partnerships. It signals to investors and private sector participants, the sophistication and maturity of the Nigerian market and commitment of the Government to sanctity of contracts and innovative structures to fund critical national infrastructure that will deliver sustained and inclusive growth.”*
Hon. David Umahi, Minister of Works, Federal Republic of Nigeria
*“This transaction is a vote of confidence in Nigeria’s economic reform agenda. The Lagos-Calabar Highway is a strategic national asset, and this financing sets a strong precedent for future public-private infrastructure partnerships.”*
Dany Abboud, Managing Director, Hitech Construction Company Limited
*“We are proud to deliver this historic project. With over 70% of Phase 1 Section 1 complete, we are showing that Nigerian engineering—backed by structured international finance—can meet global standards. The use of CRCP technology ensures unmatched durability and cost-efficiency.”*
Dr. Khalid Khalafalla, CEO, ICIEC
*“ICIEC is proud to join the Nigerian government and our co-financiers in realizing the Lagos–Calabar Coastal Highway Project. Through ICIEC’s sovereign risk coverage solution, we are unlocking vital infrastructure that will ease congestion, stimulate regional trade, and drive inclusive economic growth. This initiative will create employment opportunities, build local capacity, and bolster small and medium-sized enterprises, demonstrating our steadfast commitment to sustainable development, multimodal connectivity, and prosperity for communities across West Africa.”*
Business
FG, States, LGCs Share N1.818 Trillion From A Gross Total Of N4.232 Trillion For The Month Of June 2025
The Federation Account Allocation Committee (FAAC), at its July 2025 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, shared a total sum of N1.818 Trillion to the three tiers of government as Federation Allocation for the month of June 2025 from a gross total of N4.232 Trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference and N100.000 Billion Augmentation from Non Mineral Revenue, the Federal Government received N645.383 Billion, the States received N607.417 Billion, the Local Government Councils got N444.853 Billion, while the Oil Producing States received N120.759 Billion as Derivation, (13% of Mineral Revenue).
The sum of N162.786 Billion was given for the cost of collection, while N2.251 Trillion was allocated for Transfers Intervention and Refunds.
The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of June 2025, was N678.165 Billion as against N742.820 Billion distributed in the preceeding month, resulting in a decrease of N64.655 Billion.
From that amount, the sum of N27.127 Billion was allocated for the cost of collection and the sum of N19.531 Billion given for Transfers, Intervention and Refunds. The remaining sum of N631.507 Billion was distributed to the three tiers of government, of which the Federal Government got N94.726 Billion, the States received N315.754 Billion and Local Government Councils got N221.027 Billion.
Accordingly, the Gross Statutory Revenue of N3.385 Trillion received for the month was higher than the sum of N2.094 Trillion received in the previous month by N1.390 Trillion. From the stated amount, the sum of N134.444 Billion was allocated for the cost of collection and a total sum of N2.231 Trillion for Transfers, Intervention and Refunds.
The remaining balance of N1.018 Trillion was distributed as follows to the three tiers of government: Federal Government got the sum of N474.455 Billion, States received N240.650 Billion, the sum of N185.531 Billion was allocated to LGCs and N118.256 Billion was given to Derivation Revenue (13% Mineral producing States).
Also, the sum of N30.380 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N4.375 Billion, States got N14.582 Billion, Local Government Councils received N10.208 Billion, while N1.215 Billion was allocated for Cost of Collection.
The Communique also mentioned the sum of N38.849 Billion from Exchange Difference which was distributed to the three tiers of Government as follows: Federal government got N19.147 Billion, the State received N9.712 Billion, the LGCs got N7.487 Billion, while the Oil producing States received N2.503 Billion.
Also, an Augmentation of N100.000 Billion from Non Mineral Revenue was shared accordingly: Federal Government got N52.680 Billion, the States received the sum of N26.720 Billion, while the Local Government Councils got N20.600 Billion.
Companies Income Tax, (CIT), Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) increased significantly, while Value Added Tax (VAT), Oil and Gas Royalty, Import Duty, Excise Duty and CET Levies decreased considerably.
According to the Communique, the total revenue distributable for the current month of June 2025, was drawn from Statutory Revenue of N1.018 Trillion, Value Added Tax (VAT) of N631.507 Billion, N29.165 Billion from Electronic Money Transfer Levy (EMTL), an Augmentation of N100.000 Billion from Non Mineral Revenue and the sum of N38.849 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.818 Trillion.
Earlier in his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun expressed his deep sense of condolences to the membership of FAAC and entire people of Nigeria both within and in the diaspora on the
passing away of the former President Muhammadu Buhari. He stated that *the country is still in the mourning mood*. The Minister added that the former President’s death was a great loss not only to his immediate family but the country as a whole.
He commended the FAAC members’ commitment in the realization of the policy objectives of the President Bola Ahmed Tinubu-led Administration’s efforts towards repositioning the economy,
Business
FG, States, LGCs Share N1.818 Trillion From A Gross Total Of N4.232 Trillion For The Month Of June 2025
The Federation Account Allocation Committee (FAAC), at its July 2025 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, shared a total sum of N1.818 Trillion to the three tiers of government as Federation Allocation for the month of June 2025 from a gross total of N4.232 Trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference and N100.000 Billion Augmentation from Non Mineral Revenue, the Federal Government received N645.383 Billion, the States received N607.417 Billion, the Local Government Councils got N444.853 Billion, while the Oil Producing States received N120.759 Billion as Derivation, (13% of Mineral Revenue).
The sum of N162.786 Billion was given for the cost of collection, while N2.251 Trillion was allocated for Transfers Intervention and Refunds.
The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of June 2025, was N678.165 Billion as against N742.820 Billion distributed in the preceeding month, resulting in a decrease of N64.655 Billion.
From that amount, the sum of N27.127 Billion was allocated for the cost of collection and the sum of N19.531 Billion given for Transfers, Intervention and Refunds. The remaining sum of N631.507 Billion was distributed to the three tiers of government, of which the Federal Government got N94.726 Billion, the States received N315.754 Billion and Local Government Councils got N221.027 Billion.
Accordingly, the Gross Statutory Revenue of N3.385 Trillion received for the month was higher than the sum of N2.094 Trillion received in the previous month by N1.390 Trillion. From the stated amount, the sum of N134.444 Billion was allocated for the cost of collection and a total sum of N2.231 Trillion for Transfers, Intervention and Refunds.
The remaining balance of N1.018 Trillion was distributed as follows to the three tiers of government: Federal Government got the sum of N474.455 Billion, States received N240.650 Billion, the sum of N185.531 Billion was allocated to LGCs and N118.256 Billion was given to Derivation Revenue (13% Mineral producing States).
Also, the sum of N30.380 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N4.375 Billion, States got N14.582 Billion, Local Government Councils received N10.208 Billion, while N1.215 Billion was allocated for Cost of Collection.
The Communique also mentioned the sum of N38.849 Billion from Exchange Difference which was distributed to the three tiers of Government as follows: Federal government got N19.147 Billion, the State received N9.712 Billion, the LGCs got N7.487 Billion, while the Oil producing States received N2.503 Billion.
Also, an Augmentation of N100.000 Billion from Non Mineral Revenue was shared accordingly: Federal Government got N52.680 Billion, the States received the sum of N26.720 Billion, while the Local Government Councils got N20.600 Billion.
Companies Income Tax, (CIT), Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) increased significantly, while Value Added Tax (VAT), Oil and Gas Royalty, Import Duty, Excise Duty and CET Levies decreased considerably.
According to the Communique, the total revenue distributable for the current month of June 2025, was drawn from Statutory Revenue of N1.018 Trillion, Value Added Tax (VAT) of N631.507 Billion, N29.165 Billion from Electronic Money Transfer Levy (EMTL), an Augmentation of N100.000 Billion from Non Mineral Revenue and the sum of N38.849 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.818 Trillion.
Earlier in his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun expressed his deep sense of condolences to the membership of FAAC and entire people of Nigeria both within and in the diaspora on the
passing away of the former President Muhammadu Buhari. He stated that *the country is still in the mourning mood*. The Minister added that the former President’s death was a great loss not only to his immediate family but the country as a whole.
He commended the FAAC members’ commitment in the realization of the policy objectives of the President Bola Ahmed Tinubu-led Administration’s efforts towards repositioning the economy,
The Federal Government of Nigeria has taken a significant step in advancing its economic diplomacy efforts in Brazil, as the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun participated in the Ogun State Investment Forum with the Brazilian Business Community. This engagement was part of a broader effort to promote economic growth and development through strategic partnerships and was held on the sidelines of the 17th BRICS Summit in Rio de Janeiro.
The forum spotlighted Ogun State’s investment readiness across key growth sectors, including energy, manufacturing, agribusiness, technology, and infrastructure. HM Edun emphasised that Nigeria is firmly open for business, highlighting macroeconomic stability and ongoing reforms as a foundation for sustainable private-sector-led growth. He reaffirmed the Federal Government’s commitment to accelerating public-private partnerships and creating a transparent, investor-friendly environment in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
This engagement signals deepening ties between Nigeria and Brazil while reinforcing Ogun State’s position as a gateway for long-term investment into Africa’s most dynamic economy.
The Ogun State Investment Forum Summit in Brazil marks a significant milestone in Nigeria’s economic diplomacy efforts.
With the Federal Government’s commitment to creating a transparent and investor-friendly environment, Nigeria is poised to attract long-term investments that will drive economic growth and development, especially as it continues to strengthen its ties with Brazil and other global partners, the nation’s prospects for economic prosperity and growth look bright.
-
Sports11 months agoAjegunle City Youth Marathon Holds November 30
-
Sports2 years agoRilwan Abdulafeez Defeat Samuel Moses To Win HBE Title
-
Sports1 year agoTunde Fadare wins Brand New Car At NNPC Table Tennis Championship
-
Sports5 months agoNigerian Cyclist Samuel Fasema Completes Epic Lagos to Maiduguri Ride
-
News1 year agoEdo Gubernatorial Election: Alex Otti Throws Weight Behind Olumide Akpata
-
Entertainment2 years agoFirst Lady, Shettima’s Wife Extend Support to Ailing Nollywood Icon Zack Orji
-
Sports1 year agoAIPS AWARD: Lagos SWAN Congratulates Abiodun Adewale For Winning AIPS/AGL AWARD in Abidjan.
-
News2 years agoAFRICAN WARRIORS FIGHTING CHAMPIONSHIP ‘KING OF DAMBE’ TO FEATURE 1ST FIGHTER FROM GREAT BRITAIN COMPETING IN DAMBE