The House of Representatives Nigeria has approved a $516,333,007 foreign loan request by Bola Tinubu to support infrastructure development.
The fund will be used to finance key sections of the proposed Sokoto–Badagry superhighway, a major road project aimed at improving connectivity across the country.
Approval Granted at Plenary
The approval was granted during Tuesday’s plenary following the presentation of a report by the Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Abdullahi Rasheed.
Lawmakers reviewed the proposal and endorsed the borrowing plan as part of efforts to boost infrastructure development.
Loan to Be Sourced from Deutsche Bank
The loan is expected to be secured from Deutsche Bank, in line with the Federal Government’s financing strategy for large-scale projects.
Earlier reports indicated that the President had formally written to the National Assembly seeking approval for the facility.
Project Significance
The Sokoto–Badagry superhighway is considered a strategic national project designed to enhance trade, ease transportation, and drive economic growth across multiple regions.
Once completed, the highway is expected to link northern and southern Nigeria more efficiently, reducing travel time and improving logistics for businesses.
