President Bola Tinubu has asked the Senate to approve a fresh $516.3 million loan from Deutsche Bank to accelerate the construction of the Sokoto–Badagry Superhighway.
Senate President Godswill Akpabio read the President’s request during Thursday’s plenary session. Tinubu urged the lawmakers to grant the loan expeditious consideration to ensure the project stays on schedule.
The proposed credit facility will specifically fund Sections 1, Phase 1a and 1b of the massive infrastructure project. Key details of the project include: This phase covers 120 kilometres of construction, the superhighway will eventually span approximately 1,000 kilometres, the road serves as a vital transport corridor, connecting the northern and southern regions of Nigeria to boost trade and mobility.
Following the reading of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts.
The Senate gave the committee a one-week deadline to conduct a thorough legislative review and report its findings back to the floor for a final decision.
