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.

Comments

Post a Comment

TRENDING ON RWGBLOG NEWS

"SOLOMON NDIGBARA AND THOMAS BARIERE ARE THE ARCHITECTS OF KIDNAPPING, CULTISM AND INSECURITY IN OGONILAND." - BRIGHT

Image
The BOT Chairman of Ken Saro Security Surveillance Limited, Mr. Bright Nwinyodee, has recently made several allegations against the King of Yeghe, His Royal Majesty Solomon Ndigbara, and the Chairman of Khana Local Government Area, Thomas Bariere. In a recent video that is trending online, Bright alleges that the king has been involved in many of the criminal and kidnapping activities taking place in Ogoniland. He further alleges that after participating in the Federal Government's amnesty programme introduced by the late President Umaru Musa Yar'Adua, King Solomon Ndigbara continued his alleged criminal activities in Ogoniland, including the killing of some prominent sons of Ogoni. He also alleges that Solomon Ndigbara killed a high-profile lecturer in his community. Bright further alleges that Solomon Ndigbara was responsible for the deaths of some prominent sons of Kaani. "Solomon Ndigbara killed two prominent sons of Kaani, Barilee Jack and P.O.," he a...
Continue Reading »

CBN REVOKES OPERATING LICENCES OF 46 MICROFINANCE BANKS OVER FAILURE TO MEET REGULATORY REQUIREMENTS

Image
The Central Bank of Nigeria (CBN) has revoked the operating licenses of forty-six (46) Microfinance Banks with effect from July 1, 2026. A statement released by the apex bank today July 1, says the revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions. According to the revocation order, the action became necessary due to Insufficient assets to meet liabilities, Closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, Failure to commence operations within 12 months of licence approval, and Failure to maintain minimum capital funds unimpaired by losses. CBN said the revocation of the licenses is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regul...
Continue Reading »

KAANI COMMUNITY HOSTS THE BIGGEST NNUWAALO FESTIVAL IN OGONI HISTORY

Image
The ancient community of Kaani in Khana Local Government Area of Rivers State, Nigeria, held the grand finale of its annual New Yam Festival on Sunday, June 28, 2026, in a colourful celebration that showcased the rich cultural heritage of the Ogoni people. According to community elders, the festival was established by the forefathers of Kaani to celebrate the harvest of new yam and other farm produce while giving thanks for a successful farming season. A major highlight of the celebration is the revered Nnuwaalo masquerade, which performs throughout the seven-day festival, culminating in a spectacular display during the grand finale. The 2026 edition has been widely described as the biggest in the festival's history, attracting thousands of visitors from across Nigeria and beyond. The event generated widespread excitement on social media, with videos and photographs of the colourful performances drawing admiration from people around the world. Kaani is one of the most p...
Continue Reading »

"YAHOO BOYS STOLE A JUDGE'S CHILD'S N7.2 MILLION SCHOOL FEES FROM A BANK ACCOUNT OVERNIGHT" - EFCC CHAIRMAN

Image
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised concerns over the growing thre@t of internet fra¥d, popularly known as Yahoo Yahoo, recounting how fra¥dsters emptied ₦7.2 million from the bank account of a serving judge in the middle of the night. Olukoyede shared the incident while speaking at the public presentation of two books authored by retired High Court judge, Justice Alaba Omolaye-Ajileye. According to him, he was awakened around 1 a.m. by a distress call from a serving judge in one of the South-South states, who had just fallen victim to cybercr+minals. He explained that the judge said she had been saving the money for six years to pay her child’s school fees. She was alerted by multiple debit notifications that came in around midnight, and before she could stop the transactions, about ₦7.2 million had been withdrawn from her account. Olukoyede revealed that the incident occurred in the same state where a court ha...
Continue Reading »

ABUJA DRIVER SENTENCE TO DEATH BY HANGING FOR KILLING 80-YEAR-OLD FORMER BOSS AND WIFE

Image
A Federal High Court in Abuja today, July 1, sentenced one Jonathan Marcus, to de@th by hanging for the gruesome m#rder of Adebola Ezekiel (80), his former employee, and his wife, Mrs. Abiodun Ezekiel, at their residence in Apo Legislative Quarters, Abuja on April 1, 2024. Following the discovery of the tragic incident, an extensive investigation by the police led to the arrest of the suspect in Obajana, Kogi State, where he had gone into hiding after he committed the crime.  During interrogation, the suspect confessed to gaining access to the residence of the deceased at about 11:00 p.m. on 1st April, 2024, where he m#rdered the couple. Further investigations revealed that the suspect had previously been employed as their driver but was dismissed following repeated disagreements with his employers. The suspect was subsequently arraigned before the FCT High Court, where the Command diligently prosecuted the case. After evaluating the evidence adduced by the prosecution ...
Continue Reading »

FG MOVES TO SCRAP JSS-SSS SEPARATION POLICY OVER RISING STUDENT DROPOUTS

Image
The Federal Government has announced plans to discontinue the policy separating the administration of Junior Secondary Schools (JSS) and Senior Secondary Schools (SSS), describing it as an ineffective reform that has contributed to rising school dropout rates. Minister of Education, Dr. Olatunji Alausa, made the announcement on Tuesday in Abuja, saying the policy, which created separate management structures for JSS and SSS, has failed to achieve its objectives. According to him, it has created unnecessary administrative bottlenecks and made it more difficult for students to progress from junior to senior secondary school. Alausa said millions of students expected to move from JSS to SSS are failing to make the transition, describing the situation as unacceptable. He directed officials of the Federal Ministry of Education to prepare a position paper for presentation to the National Council on Education (NCE) to facilitate the review and eventual discontinuation of the polic...
Continue Reading »

BREAKING: THE SUPREME COURT STRIKES DOWN PRES. TRUMP'S EXECUTIVE ORDER SEEKING TO END BIRTHRIGHT CITIZENSHIP

Image
The US Supreme Court has upheld birthright citizenship, rejecting President Donald Trump’s attempt to end automatic citizenship for children born in the United States to undocumented immigrants and most temporary foreign residents. In a 6-3 ruling, the court reaffirmed that the Citizenship Clause of the 14th Amendment guarantees US citizenship to anyone born on American soil and ruled that the Constitution does not support Trump’s interpretation of the law. Writing for the majority, Chief Justice John Roberts said the amendment’s language is clear, stating that “all persons born or naturalised in the United States, and subject to the jurisdiction thereof, are citizens of the United States.” The ruling effectively blocks Trump’s executive order, which sought to deny automatic citizenship to children born to parents who are in the country illegally or on temporary visas. The court held that such a constitutional guarantee cannot be overturned through executive action. The dec...
Continue Reading »