The House of Representatives has approved President Bola Tinubu’s request to secure a $516.3 million syndicated loan from Deutsche Bank to finance sections of the ambitious Sokoto-Badagry Super Highway project.
The approval was granted during plenary in Abuja on Tuesday following the presentation of a report by the House Committee on Aids, Loans and Debt Management, delivered by Deputy Chairman, Abdullahi Rasheed.
The loan, valued at $516,333,007, is expected to fund Sections 1, Phase 1A and Phase 1B of the highway project, a flagship infrastructure programme under President Bola Tinubu’s Renewed Hope Agenda.
Presenting the report, the committee recommended approval of the loan request, noting that the financing arrangement would support the timely delivery of the road project aimed at boosting economic activities and improving transport connectivity across the country.
The approval follows a formal request by Tinubu to the National Assembly last week, seeking legislative backing in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011.
In his communication to Senate President Godswill Akpabio, Tinubu said the loan facility would provide critical support for the construction of the strategic corridor.
“The project is designed to enhance national connectivity, facilitate the movement of goods across major economic corridors, and significantly reduce travel time,” the President said in the request.
The Sokoto-Badagry Super Highway is considered one of the administration’s signature infrastructure projects, expected to link northern and southern economic hubs while opening up trade routes and stimulating development.
Lawmakers said the financing aligns with broader efforts to bridge Nigeria’s infrastructure deficit through strategic borrowing tied to capital projects.
More details are expected to emerge as implementation plans unfold.
