Tinubu Seeks Senate Approval for $516M Loan for Highway

On Thursday, President Bola Tinubu sought the Senate's approval for a $516.33 million foreign loan to expedite the Sokoto–Badagry Super Highway, a flagship infrastructure project under his administration's Renewed Hope Agenda. The request was made in accordance with the Debt Management Office Establishment Act of 2011.

The financing package, which includes a syndicate loan from Deutsche Bank, is part of the federal government's borrowing plan already endorsed by the legislature. The superhighway will stretch approximately 1,000 kilometers, connecting Sokoto State to Badagry in Lagos State and unlocking significant economic opportunities across Kebbi, Niger, Kwara, Oyo, and Ogun states.

Tinubu emphasized that the project will enhance transportation, improve agricultural product movement, and strengthen food security. The loan has a tenure of nine years with a three-year grace period and an interest rate of SOFR plus 5.3%.

The federal government will provide a counterpart fund of N265.54 billion for land acquisition. The Senate leadership has committed to expediting the review process.