TINUBU REQUESTS SENATE APPROVAL FOR NEW $516M LOAN FOR HIGHWAY PROJECT

President Bola Ahmed Tinubu has requested Senate approval for a $516.33 million loan from Deutsche Bank to fund key sections of the proposed 1,000km Sokoto–Badagry Superhighway.

In a letter read by Senate President Godswill Akpabio during plenary, Tinubu said the project is designed to improve connectivity between Nigeria’s Northwest and Southwest regions. The highway will run from Illela in Sokoto State through Kebbi, Niger, Kwara, Oyo, and Ogun States, ending in Badagry, Lagos. The loan will cover Sections 1, Phase 1a and 1b, totaling about 120km.

The financing is structured as a syndicated loan via Deutsche Bank AG, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The Federal Government will also contribute ₦265.54 billion as counterpart funding for land acquisition, compensation, and related infrastructure.

The loan has a nine-year tenure, including a three-year grace period, with interest capped at CME SOFR plus 5.3% per annum. Tinubu noted that the Federal Executive Council has already approved the arrangement and urged the Senate to include it in the borrowing plan.

The government says the project will improve safety, reduce transport costs, boost trade, and strengthen food security by linking production zones to markets and ports. It will also reserve space for future rail and utility corridors.

The Senate has referred the request to its Committee on Foreign and Local Debts, which is expected to report within one week.

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