Reps approve Tinubu’s $516m loan request for Sokoto–Badagry superhighway

The House of Representatives has acceded to a request by President Bola Tinubu to secure a $516,333,007 syndicated loan from Deutsche Bank AG for infrastructure development.

The approval was granted on Tuesday during plenary in Abuja following the presentation of a report by Abdullahi Rasheed, Deputy Chairman, Committee on Aids, Loans, and Debts Management.

The loan will fund sections of the proposed Sokoto–Badagry Super Highway, a flagship project of the Tinubu administration aimed at improving connectivity across key regions of the country.

In a letter to the National Assembly, Tinubu said the facility would finance Sections 1, 1A and 1B of the project.

“Approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of $516,333,007 for the execution of Sections 1, 1A and 1B of the Sokoto–Badagry Superhighway Project,” the president stated.

The proposed 1,000-kilometre highway is expected to link the North-West and South-West, passing through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos states, from Illela to Badagry.

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The proposal was given expedited attention by the Green Chamber following the reading of the loan request letter by Speaker of the House of Representatives, Hon. Tajudeen Abbas.

The House asked the Federal Ministry of Finance, Debt Management Office (DMO) and Ministry of Works and Housing to provide quarterly reports on the disbursement of funds and project implementation.

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