Senate Approves Tinubu's $516 Million Loan for Superhighway

On Wednesday, the Nigerian Senate approved President Bola Ahmed Tinubu's loan request of $516 million, aimed at financing the Sokoto-Badagry Superhighway project. This approval followed a report presented by the Senate Committee on Local and Foreign Debt, chaired by Godswill Akpabio.

The project, which is a flagship highway designed to connect Nigeria's northwest and southwest regions, will cover 1,000 kilometers and run from Illela in Sokoto State to Badagry in Lagos State. The loan will specifically fund sections 1, phase 1A and 1B, covering 120 kilometers of the total corridor.

Tinubu explained that the funding arrangement involves a syndicated loan from Deutsche Bank AG, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit. During deliberations, Senator Tahir Monguno (Borno North) emphasized the project's potential to significantly reduce travel time between northern and southern Nigeria.

The Senate's approval is expected to be transmitted to the President for final action.