Tinubu Seeks Senate Approval for $516.3M Loan

President Bola Tinubu formally requested the Nigerian Senate's approval for a $516.3 million syndicated foreign loan to finance the Sokoto-Badagry Superhighway project. This project, which spans nearly 1,000 kilometers, is designed to create a strategic corridor linking various states and aims to significantly reduce travel time, improve road safety, and enhance trade flow, particularly for agricultural commodities.

The Senate, led by President Godswill Akpabio, expressed support for the project, with Senator Adamu Aliero describing it as a landmark initiative. However, the proposal has drawn criticism from prominent voices, including former Vice President Atiku Abubakar and former Central Bank Governor Muhammadu Sanusi II, who raised concerns about Nigeria's rising debt profile, which stood at approximately 159.28 trillion naira (about $110.3 billion) as of December 31, 2025.

Critics argue that reliance on external loans without corresponding revenue growth could deepen fiscal vulnerabilities.