BREAKING: Tinubu seeks fresh $516m loan to finance approved infrastructure project

President Bola Tinubu has formally written to the Senate seeking approval for a fresh $516,333,070 external loan to finance ongoing infrastructure development, particularly the Sokoto–Badagry Super Highway project.

The request was contained in a letter addressed to Senate President Godswill Akpabio and read during plenary on Thursday.

According to the President, the loan is to be obtained from Deutsche Bank and will be used to support the already approved borrowing plan for the construction of the 1,000-kilometre highway linking Sokoto and Badagry.

Tinubu urged the Senate to give the request expeditious consideration, citing the strategic importance of the project to national infrastructure development and economic connectivity.

Following the reading of the letter, Senate President Akpabio referred it to the Committee on Local and Foreign Debts for legislative scrutiny, directing the committee to review and submit its report within one week.

The proposed loan adds to ongoing federal efforts to expand road infrastructure across the country as part of the administration’s broader economic development agenda.