The House of Representatives has approved 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.
Loan Details
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 explained that 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.
Highway Route
The proposed 1,000-kilometre highway is expected to link the North-West and South-West regions, passing through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, from Illela to Badagry. This project is anticipated to enhance trade, reduce travel time, and boost economic activities along the corridor.
The approval marks a significant step in the administration's infrastructure agenda, with the loan expected to be disbursed in phases as construction progresses. The House Committee on Finance will oversee the implementation to ensure transparency and accountability.
