Tinubu Seeks Senate Approval for $516m Loan from Deutsche Bank

President Bola Tinubu has formally sought the Nigerian Senate's approval for a fresh loan amounting to $516 million, which will be obtained from Deutsche Bank. This request was communicated through a letter read by Senate President Godswill Akpabio during a plenary session on Thursday.

The loan aims to finance an already approved borrowing plan specifically for the Sokoto-Badagry super highway project. In his letter, President Tinubu urged for the expedited passage of this loan request, highlighting its importance for the ongoing infrastructure development.

Akpabio referred the letter to the committee responsible for local and foreign debt legislation, instructing them to report back within a week regarding the necessary legislative actions.