House Approves Tinubu's $516.3M Loan for Superhighway

On Tuesday, the House of Representatives approved a request from President Bola Ahmed Tinubu for a syndicated loan amounting to $516.3 million. This loan is intended to finance the Sokoto-Badagry Superhighway project, specifically sections 1, 1A, and 1B.

The financing will be facilitated through Deutsche Bank AG as part of the government's borrowing plan. The approval was made during a plenary session where the report from the House Committee on Aid, Loan, and Debt Management was adopted.

Hon. Abubakar Hassan Nalaraba (Rep, Awe/Doma/Keana), the committee chairman, urged members to support the financial request, highlighting the strategic importance of the 120-kilometer stretch of road for national economic integration. Earlier, committee member Abdullahi El Rashid, representing Dukku/Nafada Federal Constituency in Gombe State, moved the motion to consider the report, emphasizing the project's significance.