Tinubu Seeks $516M Loan for Sokoto–Badagry Highway

President Bola Tinubu has formally requested the Nigerian Senate to approve a $516,333,070 loan for the Sokoto–Badagry superhighway project, a key initiative in his administration's infrastructure agenda. The request was communicated in a letter addressed to Senate President Godswill Akpabio during a plenary session on Thursday.

The proposed loan is expected to be sourced from Deutsche Bank and is part of a broader financing plan that includes a syndicate loan backed by partial risk guarantees from the Islamic Corporation for the Insurance of Investment and Export Credit, with the federal government providing a counterpart fund of ₦265.5 billion for land acquisition and compensation. The project spans approximately 1,000 kilometers and aims to enhance connectivity between several states, including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos.

The loan is structured to run for nine years, with a three-year grace period and an interest rate benchmarked to the Chicago Mercantile Exchange SOFR plus 5.3% per annum. The Senate has been urged to expedite the approval process due to the project's significant economic implications.