President Tinubu seeks Senate approval for $516m loan to fund Sokoto–Badagry super highway

President Bola Tinubu has written to the Senate for approval of a new loan worth $516,333,070 to facilitate infrastructure development in the country.

This information was contained in a letter signed by President Bola Tinubu and addressed to the President of the Senate, Godswill Akpabio, which was read during plenary sessions on Thursday. The President revealed that the loan would be taken from Deutsche Bank.

From the letter, the loan is meant to finance the borrowing arrangement approved earlier for the construction of the Sokoto-Badagry 1000-km Super Highway. This is an important infrastructure project designed to enhance the connection within the nation.

In his letter addressed to Senator Godswill Akpabio, the President explained that the loan to be taken from Deutsche Bank is expected to finance the already approved borrowing arrangement for the Sokoto-Badagry 1000km Super Highway.

The president is requesting the Senate to expedite the process.

The letter has been referred by Senator Godswill Akpabio to the Committee on Local and Foreign Debts for legislation and report in one week.