The House of Representatives has approved President Bola Tinubu’s request to secure a $516,333,007 syndicated loan from Deutsche Bank AG for major infrastructure development.
The approval was granted on Tuesday during plenary in Abuja after the presentation of a report by the Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Abdullahi Rasheed.
The facility is intended to fund sections of the proposed Sokoto–Badagry Super Highway, a flagship infrastructure project under the Tinubu administration aimed at improving national connectivity and economic integration.
President Bola Ahmed Tinubu had earlier written to the National Assembly seeking approval for the loan, stating that it would be sourced from Deutsche Bank AG.
“Specifically, approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of US$516,333,007 for the execution of Sections 1, 1A, and 1B of the Sokoto–Badagry Superhighway Project,” the President said.
The proposed 1,000-kilometre highway is designed to link Nigeria’s North-West and South-West regions, passing through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, stretching from Illela to Badagry.
According to the Presidency, the project is expected to enhance regional connectivity, boost trade, and strengthen economic integration across the corridor.
Margaret ABAH
