The Federal Government has committed a substantial N6.47 trillion to infrastructure development from June 2023 to December 2025, with highway projects making up a significant portion of this expenditure. This figure was revealed in the recently published Nigeria Reform Scorecard, which highlighted the financial impacts of reforms related to fuel subsidies.

Among the various projects, the Lagos-Calabar Coastal Highway received the largest share, with N2.23 trillion allocated for its construction. Following closely is the Sokoto-Badagry Superhighway, which was allocated N1.11 trillion, while the Trans-Sahara Superhighway received N489.3 billion. Collectively, these three highway projects accounted for approximately N3.83 trillion, over half of the total infrastructure spending during this period.

The scorecard indicated that the government’s overall expenditure during this timeframe reached N30.64 trillion, with the infrastructure investments aimed at alleviating the economic impact of the subsidy removal and other reforms. The Finance Minister, Taiwo Oyedele, explained that the removal of the petrol subsidy and the unification of the foreign exchange market had generated N15.8 trillion in additional resources for the government.

The report detailed that the Lagos-Calabar Coastal Highway is a flagship project intended to connect nine states along Nigeria's southern coastline. The first section, measuring 47.47 kilometers, is reportedly nearing completion, while work is ongoing on additional segments across various states, including Ogun, Ondo, and Akwa Ibom.

In addition to the highway projects, the government allocated funds for several other significant infrastructure initiatives. These include N366 billion for emergency road interventions, N304.2 billion for the Abuja-Kaduna-Kano Road, and N291.3 billion for the Lekki Deep Sea Port Access Road. The scorecard also noted spending of N250 billion on the Renewed Hope Smallholder Support programme and N124.7 billion for housing units for Nigerian Armed Forces personnel.

Despite the substantial investment in infrastructure, the report also highlighted the pressures on the Federal Government's finances, with wage adjustments and foreign exchange impacts on external debt service accounting for a large portion of the total expenditure. Wage adjustments alone consumed N9.39 trillion, significantly more than the infrastructure spending, which raises questions about the sustainability of such financial commitments.

The scorecard provides a comprehensive overview of the government’s fiscal strategies and priorities, illustrating a clear focus on infrastructure development as a means to stimulate economic growth and investment. However, the rising costs associated with wage adjustments and debt servicing continue to pose challenges for the nation’s financial stability.