Senate Approves $516M Loan for Sokoto-Badagry Highway

On Wednesday, the Nigerian Senate approved President Bola Tinubu's request for a $516 million loan to fund the construction of Section 1, Phase 1A and 1B of the Sokoto-Badagry Super Highway. The approval followed a report presented by the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wamakko of the APC from Sokoto North.

The financing arrangement involves Deutsche Bank AG and includes a partial guarantee from Islamic Corporation for the Insurance of Investment and Export Credit, with a loan tenor of nine years and a three-year grace period. Senators emphasized the strategic importance of the highway project, with Senator Tahir Monguno of APC Borno North describing it as deserving of support for the country's economic development.

The highway will connect three geopolitical zones—North West, North Central, and South West—unlocking agricultural value chains and creating employment opportunities. Deputy Senate President Jibrin Barau praised the loan as a means to enhance economic activity between Northern and Southern Nigeria.

Senator Godswill Akpabio commended Tinubu for seeking foreign financing, highlighting the socio-economic impact of the project.