President Bola Tinubu has written to the Senate seeking approval to secure a fresh external loan of $516,333,070 to support infrastructure development.
The request, addressed to Senate President Godswill Akpabio, was read during plenary at the National Assembly in Abuja.
According to the letter, the proposed loan facility is to be obtained from Deutsche Bank and will be used to finance components of the already approved Sokoto–Badagry Super Highway project.
President Tinubu urged the Senate to grant expeditious consideration to the request, noting the importance of the project to national development.
Following its presentation, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further legislative action, directing the committee to report back within one week.
The Sokoto–Badagry Super Highway is a major infrastructure initiative designed to connect Nigeria’s North-West region to the South-West corridor, with expectations that it will enhance economic activity, trade, and regional integration.
