Senate Backs Tinubu’s $516m Loan Request for Superhighway Project

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 The Nigerian Senate on Wednesday approved a $516 million syndicated loan request by President Bola Tinubu to fund sections of the Sokoto–Badagry Super Highway project.

The approval followed the consideration of a report presented at plenary by the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko.

The committee recommended that the facility, arranged through Deutsche Bank AG, be incorporated into the Federal Government’s borrowing plan.

According to the report, the loan is backed by a partial guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit and has a nine-year tenor, including a grace period of up to three years.

Lawmakers during deliberations stressed the strategic importance of the highway, noting that it would connect multiple geopolitical zones and significantly reduce travel time between northern and southern Nigeria.

Senator Tahir Monguno said the project would enhance connectivity and ease movement across key economic corridors.

President of the Senate, Godswill Akpabio, explained that an earlier financing arrangement had stalled due to external factors, making alternative funding necessary to fast-track the project.

He added that the highway would also boost agricultural productivity by improving access to markets, supporting dam development and strengthening the value chain.

The Senate’s approval is expected to be transmitted to the President for final action.

The proposed 1,000-kilometre superhighway is designed to link Sokoto to Badagry, passing through Kebbi, Niger, Kwara, Oyo, Ogun and Lagos states, as part of efforts to improve national connectivity and economic development.

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