The Nigerian Senate has referred President Bola Ahmed Tinubu’s request for a $516.3 million foreign loan to finance sections of the Sokoto–Badagry superhighway to its Committee on Local and Foreign Debts for further review. The committee has been tasked with assessing the request and reporting back within one week.
The loan, which would be sourced from Deutsche Bank, is intended to cover Sections 1, 1A, and 1B of the proposed 1,000-kilometre superhighway, a major infrastructure project designed to link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos States. Once completed, the highway is expected to reduce travel time, enhance road safety, and boost trade across these states.
Senate President Godswill Akpabio read out the request in a session, assuring that the loan will undergo legislative scrutiny to ensure compliance with the country’s borrowing guidelines. The proposed loan carries a nine-year tenure, including a three-year grace period, with an interest rate linked to the Secured Overnight Financing Rate plus 5.3 per cent.
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Senator Adamu Aliero (Kebbi Central) expressed strong support for the initiative, emphasizing its potential to drive economic growth and improve security in the regions it will serve. “This project will not only improve connectivity but also strengthen economic activities and security across the regions it will serve,” Aliero stated.
The Senate leadership has urged the committee to expedite its assessment to facilitate prompt consideration of the request, which remains a critical part of Nigeria’s broader infrastructural development plan.
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