Reps approve Tinubu’s $516m loan for Sokoto–Badagry highway

The House of Representatives has approved President Bola Tinubu’s request to secure a $516.3 million foreign loan to support infrastructure development, particularly sections of the proposed Sokoto–Badagry superhighway.

The approval was granted during Tuesday’s plenary following the presentation of a report by the Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Abdullahi Rasheed.

President Tinubu had sought legislative backing to obtain the facility from Deutsche Bank, as part of efforts to finance the ambitious road project aimed at boosting connectivity across the country.

Lawmakers endorsed the request after considering the committee’s recommendations, clearing the way for the Federal Government to proceed with the borrowing.