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, 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.