President Bola Tinubu has submitted a formal request to the Senate seeking approval for a fresh loan of $516,333,070.
The request was contained in a letter addressed to Senate President Godswill Akpabio and read during Thursday’s plenary session.
According to the President, the loan is to be obtained from Deutsche Bank and is specifically intended to finance the construction of the Sokoto-Badagry 1,000-kilometer Super Highway.
This project is a key component of the administration’s legacy infrastructure agenda, aimed at enhancing connectivity between the northern and southern regions of the country.
In the letter, President Tinubu urged the lawmakers to grant the request an expeditious passage to ensure the project remains on schedule.
Following the reading, Senate President Akpabio referred the matter to the Committee on Local and Foreign Debts for further legislative action, with a mandate to report back within one week.
The highway project has recently received significant attention, with various stakeholders and engineering groups expressing optimism about its potential to transform rural economies and facilitate regional trade.