The House of Representatives has officially approved a request from President Bola Tinubu to secure a $516,333,007 syndicated loan from Deutsche Bank AG.
The decision was reached during Tuesday’s plenary session in Abuja, following the presentation of a detailed report by Abdullahi Rasheed, Chairman of the relevant House committee.
The multi-million dollar credit facility is earmarked for the development of the Sokoto–Badagry Superhighway; a massive infrastructure project central to the Tinubu administration’s economic agenda.
Specifically, the funds will be utilized to finance the execution of Sections 1, 1A, and 1B of the road, which aims to modernize the nation’s transport network and bolster regional trade.
In a formal letter addressed to the National Assembly, President Tinubu emphasized the strategic importance of the financing, noting that the syndicated facility is essential for the timely delivery of these initial phases. “Approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of $516,333,007 for the execution of the Sokoto–Badagry Superhighway Project,” the President stated in his communication to lawmakers.
Once completed, the 1,000-kilometre highway will serve as a critical artery linking Nigeria’s North-West and South-West regions.
The route is designed to pass through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, ultimately connecting the border town of Illela to the coastal hub of Badagry, effectively shortening travel times and enhancing national connectivity.
