Reps Approve $516m Loan to Fund Key Highway Project

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The House of Representatives has approved a request by President Bola Tinubu to secure a $516,333,007 foreign loan to support the construction of sections of the Sokoto-Badagry superhighway.

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

The proposed loan, to be sourced from Deutsche Bank, is intended to finance key aspects of the road project aimed at improving connectivity across the country.

The development follows an earlier request by the President seeking legislative approval for the facility as part of efforts to fund critical infrastructure.

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