President Bola Tinubu has asked the Senate to approve a fresh $516 million external loan to fund sections of the proposed Sokoto–Badagry Superhighway, a key infrastructure project under his administration.
The request, conveyed in a letter to Senate President Godswill Akpabio and read during plenary, seeks legislative backing for a syndicated loan facility to be sourced from Deutsche Bank.
In the correspondence, Tinubu stated that “approval is sought for the syndicated financing facility… for the execution of Sections 1, 1A, and 1B” of the highway project, emphasising its inclusion in the government’s borrowing plan.
The proposed 1,000-kilometre road is designed to link Nigeria’s north-western and south-western regions, stretching from Illela in Sokoto State to Badagry in Lagos, while passing through multiple states to boost connectivity and trade.
Tinubu described the highway as a flagship initiative under his “Renewed Hope Agenda,” noting that it is intended to enhance economic integration and reduce travel time across key commercial corridors.
The president also urged lawmakers to expedite consideration of the request, stating: “I look forward to the expeditious consideration and approval of this request by the Senate.”
According to details of the financing plan, the loan will have a tenure of about nine years, including a grace period, and will attract interest based on international benchmarks, while the Federal Government is expected to provide counterpart funding for associated costs.
The request has since been referred to the Senate Committee on Local and Foreign Debts for further legislative scrutiny, with a report expected within a week.
