Tinubu seeks Senate approval for $516m loan for Sokoto–Badagry superhighway

President Bola Ahmed Tinubu has requested the approval of the Senate of Nigeria for a fresh external borrowing of $516.3 million to fund sections of the proposed Sokoto–Badagry Super Highway.

 

The request was contained in a letter read during Thursday’s plenary by Senate President Godswill Akpabio, and subsequently referred to the Senate Committee on Local and Foreign Debts for consideration.

 

According to the President, the facility—expected to be sourced from Deutsche Bank—will finance Sections 1, 1A and 1B of the 1,000-kilometre highway under the administration’s infrastructure programme.

 

Tinubu said the project, part of the “Renewed Hope Agenda,” will connect Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos States, stretching from Illela to Badagry.

 

He explained that the highway is designed to improve regional connectivity, reduce travel time, enhance trade, lower logistics costs, and strengthen national integration by linking production zones to markets and ports.

 

The financing plan includes a syndicated loan backed by a partial risk guarantee, while the Federal Government will provide ₦265.5 billion as counterpart funding for land acquisition and related works.

 

Lawmakers noted the economic importance of the project, with some describing it as a potential game-changer that could significantly reduce travel time between the North-West and South-West corridors.

 

The Senate Committee has been given one week to report back on the request for further legislative action.