Tinubu Seeks Senate Approval for $516.3m Loan

President Bola Ahmed Tinubu has formally sought the approval of the Nigerian Senate for a fresh loan of $516.3 million. This funding is intended to support the construction of the Sokoto-Badagry superhighway, specifically covering sections 1, phase 1A and 1B of the project.

The total length of the superhighway is expected to span 1,000 kilometers, with the current phase covering 120 kilometers. The request was conveyed in a letter addressed to the Senate, which was read during a plenary session on Thursday.

In his communication, President Tinubu urged the Senate to give the loan request swift consideration. Following the reading of the letter, Senate President Godswill Akpabio referred the matter to the Senate Committee on Local and Foreign Debt for further legislative action, directing the committee to report back within one week.