President Bola Tinubu has formally requested the approval of the Senate to secure a fresh loan of $516,333,070 to support ongoing infrastructure development.
In a letter addressed to the President of the Senate, Godswill Akpabio, the President explained that the proposed loan is to be sourced from Deutsche Bank. The funds are intended to finance aspects of the already approved borrowing plan tied to the Sokoto–Badagry 1,000-kilometre Super Highway project, a major initiative aimed at improving connectivity and boosting economic activities across several regions of the country.
The President emphasised the importance of the project, noting that it is expected to enhance trade, facilitate movement of goods and services, and open up new economic corridors once completed. He therefore urged the Senate to give the request prompt consideration to ensure that implementation timelines are not disrupted.
During plenary, the Senate President read the letter and subsequently referred it to the Committee on Local and Foreign Debts for further legislative scrutiny. The committee has been mandated to review the request and present its report within one week.
The proposed loan forms part of the government’s broader strategy to address infrastructure deficits and stimulate long-term economic growth through targeted investments in critical transport networks.
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