Tinubu Seeks Senate Approval For Fresh $516m Loan

ABUJA, NIGERIA — President Bola Tinubu has formally requested the Senate’s authorization to secure a new external loan of $516,333,070 to bolster the nation’s infrastructure development.

The request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, which was read on the floor of the upper chamber during Thursday’s plenary session. According to the correspondence, the credit facility is expected to be sourced from Deutsche Bank.

The President explained that the funds are specifically earmarked to finance the Sokoto-Badagry 1,000-kilometer Super Highway. This project remains a focal point of the administration’s “Renewed Hope” infrastructure agenda, aimed at improving connectivity between the North-West and South-West corridors.

In the letter, President Tinubu urged the lawmakers to grant an expeditious passage to the request. He noted that the loan aligns with the already approved borrowing plan intended to facilitate the massive road project.

Observers told NaijaChoice News that the Sokoto-Badagry Super Highway is considered a critical economic artery, expected to stimulate trade and reduce travel time across several states once completed.

Following the reading of the letter, Senator Akpabio referred the executive communication to the Senate Committee on Local and Foreign Debts. The committee has been mandated to carry out further legislative action and report back to the whole house within one week.

This latest move comes amid ongoing national discourse regarding Nigeria’s rising debt profile and the necessity of high-impact infrastructure to drive long-term economic growth.

The approval of this facility would mark a significant step toward the actualization of one of the most ambitious highway projects in the country’s recent history.