National News
Reps approves $516.3m loan for Sokoto–Badagry Super Highway
The House of Representatives has approved President Bola Ahmed Tinubu’s request for a $516.3 million syndicated loan from Deutsche Bank for the construction of the Sokoto–Badagry Super Highway project.
The request was presented on the floor of the House by Speaker Tajudeen Abbas during plenary, while the report was later laid before lawmakers by the Chairman of the House Committee on Aids, Loans and Debt Management, Abubakar Nalaraba.
The loan is tied to the proposed Sokoto–Badagry Super Highway, a flagship infrastructure project under the Renewed Hope Agenda of the Tinubu administration.
According to the presidential request, the project will span about 120 kilometres in its initial phase, while the broader highway corridor is expected to connect several states across the North and South, including Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos.
President Tinubu described the project as part of efforts to open up Nigeria’s North–South economic corridor through the construction of an estimated 1,000-kilometre dual carriageway designed to improve connectivity, trade, and mobility.
The loan, structured with a nine-year tenor, includes a grace period of up to three years and carries an interest rate capped at CME SOFR plus 5.3 per cent.
With the House’s approval, the proposal now moves forward as part of the government’s broader infrastructure financing plan, even as debates continue over Nigeria’s rising debt profile and funding priorities.
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