Written by
Ishioma Appiah-Yeboah
The Nigerian Senate has begun consideration of a request from President Bola Ahmed Tinubu seeking approval for a 516 million US dollar foreign loan to finance key sections of the Sokoto–Badagry Superhighway project.
The loan, which is being syndicated through Deutsche Bank, is expected to fund about 120 kilometres of the major highway corridor.
The Sokoto–Badagry Superhighway, a proposed 1,000-kilometre infrastructure project, is designed to boost connectivity across several states, cut travel time significantly, and stimulate economic activities along the route and beyond.
The Federal Government is also expected to provide counterpart funding of over 265 billion naira to cover land acquisition and other related infrastructure needs. The facility comes with a nine-year repayment period, including a three-year moratorium.
During plenary on Thursday, Senate President Godswill Akpabio formally notified lawmakers of the request and subsequently referred it to the Senate Committee on Local and Foreign Debts for further legislative scrutiny, with a directive to report back within one week.
Lawmakers, while acknowledging the economic importance of the project, expressed support for swift and careful consideration of the loan request, describing the superhighway as a strategic national infrastructure that could transform trade and regional connectivity.