National News
FG turns to Deutsche Bank for $5bn loan as Middle East tensions stall UAE deal
President of the Senate, Godswill Akpabio, has disclosed that Nigeria’s plan to secure a $5 billion loan from the United Arab Emirates has been delayed due to ongoing geopolitical tensions involving the United States, Israel, and Iran.
Akpabio made the revelation during plenary as the Senate considered and approved a $516.3 million loan request by President Bola Tinubu for the construction of the Sokoto–Badagry Superhighway.
He explained that the instability in the Middle East disrupted the Federal Government’s borrowing arrangement with Abu Dhabi Bank, necessitating urgent alternative funding to sustain critical infrastructure projects.
According to him, the Senate fast-tracked approval of the $516 million facility to ensure that key national projects are not stalled.
Earlier, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Adetokunbo Abiru, also highlighted the difficulties encountered in securing the planned UAE facility.
President Tinubu had, in March, written to the Senate seeking approval to borrow $5 billion to finance the 2026 budget deficit and support key government obligations.
With delays in accessing the UAE funds, the Federal Government turned to Deutsche Bank, securing a $516.3 million syndicated loan for the Sokoto–Badagry Superhighway project.
The Senate subsequently approved the facility after adopting the report of its Committee on Local and Foreign Debts, chaired by Aliyu Wamakko.
The loan is backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit, an arm of the Islamic Development Bank.
In his communication to lawmakers, Tinubu said the Federal Government would provide N265.5 billion as counterpart funding for land acquisition, compensation, and related infrastructure.
He explained that the proposed highway, spanning about 1,000 kilometres from Illela in Sokoto State to Badagry in Lagos State, is designed to connect seven states and boost economic activities along the northwest–southwest corridor.
According to the President, the project is expected to improve connectivity, reduce logistics costs, enhance road safety, facilitate trade, strengthen food security, and promote national integration.
Lawmakers, including Deputy Senate President Barau Jibrin and Chief Whip Mohammed Monguno, commended the administration’s efforts, describing the initiative as a strategic intervention to drive economic growth despite prevailing global uncertainties.
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