The House of Representatives of Nigeria has approved a request by Bola Ahmed Tinubu to secure a $516,333,007 foreign loan.
The loan is expected to support the construction of parts of the Sokoto–Badagry superhighway, a major infrastructure project aimed at boosting connectivity across Nigeria.
Approval at Plenary
The approval was granted during Tuesday’s plenary session following the presentation of a report by Abdullahi Rasheed.
The House Committee on Aids, Loans, and Debt Management reviewed the request before recommending it for approval.
Loan Source and Purpose
Earlier reports indicated that the loan would be sourced from Deutsche Bank.
The funds are earmarked for the development of sections of the Sokoto–Badagry highway, a strategic road project designed to link the northern and southern parts of the country.
Infrastructure Development Push
The Sokoto–Badagry superhighway is considered a key project in Nigeria’s infrastructure development plans, with the potential to improve transportation, enhance trade, and stimulate economic growth.
With the approval secured, the federal government is expected to move forward with the execution of the project.
