Reps Approve Tinubu's $516M Loan for Superhighway Project

On Tuesday during a plenary session in Abuja, the Nigerian House of Representatives approved President Bola Tinubu's request for a $516 million foreign loan intended for the construction of the Sokoto-Badagry superhighway. The decision followed a report presented by Abdullahi Rashe, the Deputy Chairman of the Committee on Aid, Loan, and Debt Management.

The loan is designed to support the development of a key section of the Sokoto-Badagry road project, which is part of a broader federal government infrastructure plan. Former Vice President Atiku Abubakar expressed caution regarding the loan, labeling it as reckless borrowing.

The loan request, which seeks Senate approval, is backed by a syndicate loan from Deutsche Bank AG and is partially guaranteed by the Islamic Corporation for the Insurance of Investment and Export Credit. The federal government will provide a counterpart fund of 265.5 billion Naira for land acquisition and compensation related to the infrastructure project, which aims to create a major economic corridor connecting Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states.