Bola Ahmed Tinubu has formally asked the Senate to approve a fresh external loan of $516,333,070 to support the Sokoto–Badagry Super Highway project.
The request was conveyed in a letter addressed to the Senate President, Godswill Akpabio, and read during Thursday’s plenary session.
According to the letter, the loan is to be sourced from Deutsche Bank and will contribute to the already approved borrowing plan for the 1,000-kilometre Sokoto–Badagry Super Highway, a key infrastructure project aimed at improving economic connectivity across Nigeria.
Tinubu urged lawmakers to give the request expedited consideration, emphasizing the project’s strategic importance and the need to sustain progress on its execution.
Following the presentation, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further review, with a directive to report back within one week.
If approved, the loan will add to Nigeria’s external debt at a time of growing concern over borrowing levels and debt servicing obligations. However, government officials argue that such financing is essential to close infrastructure gaps and drive long-term economic growth.
