By Christiana Ekpa
The House of Representatives has approved President Bola Ahmed Tinubu’s request to secure a $516.3 million loan for infrastructure development.
The approval was granted on Tuesday during plenary in Abuja following the presentation of a report by the House Committee on Aids, Loans and Debt Management.
The facility, to be sourced from Deutsche Bank AG, will fund key sections of the proposed Sokoto-Badagry Superhighway, a flagship project under the administration’s infrastructure drive.
In a letter to the National Assembly, President Tinubu sought legislative approval for the syndicated financing facility, stating that the funds would be used to execute critical portions of the project.
“Specifically, approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of $516,333,007 for the execution of Sections 1, 1A, and 1B of the Sokoto–Badagry Superhighway Project,” the President wrote.
The Sokoto-Badagry Superhighway, spanning about 1,000 kilometres, is designed to connect Nigeria’s North-West and South-West regions. The route will pass through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, stretching from Illela to Badagry.
According to the President, the project is expected to significantly enhance connectivity, facilitate trade, and drive economic integration across the affected regions.
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