Tinubu Seeks Approval for $516 Million Loan, Senate President Says Fresh Borrowing is in the Best Interest of Nigerians
President Bola Tinubu has formally requested approval from the Senate for a new external loan of $516,333,070 to finance a major infrastructure project, the proposed Sokoto–Badagry Super Highway.
The request was contained in a letter addressed to Senate President Godswill Akpabio and read during Thursday’s plenary session.
According to the President, the facility is expected to be sourced from Deutsche Bank and will be dedicated to the construction of a 1,000-kilometre super highway linking Sokoto in the northwest to Badagry in the southwest.
Tinubu described the project as a key component of his administration’s broader infrastructure agenda, aimed at improving national connectivity, boosting economic integration, and facilitating trade between regions.
In the letter, the President urged lawmakers to give the request expedited consideration to ensure the project remains on schedule.
Following the presentation, Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further legislative scrutiny, directing the committee to report back within one week.
The Senate President noted that there is noting bad in the borrowing, especially when it is for capital project and infrastructure.
The proposed highway has already generated public and stakeholder interest, with engineers and policy analysts noting its potential to open up rural economies and strengthen interregional commerce if completed.