President Bola Tinubu has written to the Senate seeking a fresh external loan of $516,333,070 to fund critical infrastructure. The request was contained in a letter read by Senate President Godswill Akpabio during Thursday’s plenary session.
The President explained that the funds would be sourced from Deutsche Bank to finance the Sokoto-Badagry 1,000-kilometer Super Highway. This project remains a cornerstone of the administration’s “Renewed Hope” infrastructure agenda.
Expeditious passage requested for highway funding
In the letter, President Tinubu urged the lawmakers to grant an “expeditious” approval for the borrowing plan. He noted that the loan is essential to keep the construction of the superhighway on schedule.
The Sokoto-Badagry road is expected to boost regional trade and improve connectivity across the northern and southern parts of the country. Government officials believe this investment will yield long-term economic benefits for several states.
Senate committee to review the borrowing plan
Senate President Godswill Akpabio has referred the request to the Committee on Local and Foreign Debts for further legislative action. The committee is expected to scrutinize the terms of the loan and report back to the house in one week.
This new request adds to the growing portfolio of external debts aimed at bridging the nation’s infrastructure gap. The Senate’s decision will determine how quickly the executive can access the funds for the ambitious road project.
