The Senate has begun action on a $516 million loan request from President Tinubu to finance the Sokoto–Badagry Superhighway, a project expected to reshape transport, trade and economic activity across several regions. The Senate has taken the first step toward approving a $516.3 million external loan requested by President Bola Tinubu for the development of […]
The Senate has begun action on a $516 million loan request from President Tinubu to finance the Sokoto–Badagry Superhighway, a project expected to reshape transport, trade and economic activity across several regions.
The Senate has taken the first step toward approving a $516.3 million external loan requested by President Bola Tinubu for the development of the Sokoto–Badagry Superhighway.
The request, presented during plenary, seeks legislative backing for a syndicated loan designed to fund critical segments of the ambitious road project spanning multiple regions of the country.
Senate President Godswill Akpabio read the President’s letter, which outlined the need for approval in line with existing laws guiding government borrowing and fiscal planning.
The administration plans to use the facility, arranged through an international financial institution, to accelerate work on key portions of the highway.
Stretching across seven states, the road project aims to connect major economic corridors from the far northwest to the southwest, enhancing movement of goods and people.
President Tinubu said the highway will ease transportation challenges, reduce travel duration and improve safety, while also supporting agriculture and trade across regions.
The government will complement the loan with about N265.5 billion to cover land acquisition, compensation and other supporting infrastructure required for the project.
Details of the loan indicate a repayment period of nine years, including a grace window, with interest structured around international lending benchmarks.
Following initial consideration, lawmakers referred the proposal to the Senate Committee on Local and Foreign Debts for detailed review and recommendations within one week.
Senator Adamu Aliero expressed support for the initiative, noting that successive administrations had failed to deliver the project despite decades of planning.
He said ongoing construction shows renewed commitment, adding that the highway could significantly cut travel time between Sokoto and Lagos while boosting commerce.
Akpabio described the project as a key driver of economic growth and urged quick legislative action to ensure its timely execution.
He maintained that strategic borrowing for infrastructure remains necessary to unlock long term national benefits.