ABUJA — Minister of Aviation and Aerospace Development, Festus Keyamo, has defended the Federal Government’s multi-billion naira infrastructure push, disclosing that the $500million (N712 billion) allocation to completely rebuild Terminal One of the Murtala Muhammed International Airport (MMIA) in Lagos was financed through liquidity gains from fuel subsidy removal.
Speaking during an interactive session in Abuja on Monday, October 5, 2026, Keyamo clarified that unlike past major transport projects, the ongoing complete reconstruction of the Lagos international terminal was funded without incurring foreign debt exposure or sovereign loans.
“The President raised $500million to rebuild the Lagos airport—not money borrowed, but because we were able to do what we should do through fiscal reforms,” Keyamo stated. “Our liquidity rose, and our foreign exchange reserves stabilized as a direct result of fuel subsidy removal savings.”
Reiterating that the project is a fundamental structural rebuild rather than routine patchwork, the minister explained that Terminal One is being stripped down to its bare pillars and structural carcass before being re-engineered to meet contemporary global aviation standards.
Addressing ongoing public debate surrounding federal spending priorities, Keyamo insisted that transforming MMIA into a functional regional hub is critical to retaining foreign airlines, expanding non-oil revenues, and protecting Nigeria’s standing as West Africa’s premier commercial destination.
