Tinubu Seeks Senate Approval for $516.3M Loan

President Bola Tinubu has sought the Senate's approval for a fresh loan of $516.3 million to finance the construction of the Sokoto-Badagry Superhighway project. This request was detailed in a letter addressed to the Senate, which was read by Senate President Godswill Akpabio during a plenary session on Thursday.

The proposed loan from Deutsch Bank is intended to fund Section 1, Phase 1A and 1B of the highway project, which is expected to cover a total distance of approximately 1,000 kilometers, with the current phase spanning about 120 kilometers. In his letter, Tinubu urged the Senate to give prompt consideration to the request to enable timely execution of the project.

The Senate has referred the request to its committee on local and foreign debt for further legislative review, with a mandate to examine the proposal and report back to the Senate within one week.