President Bola Tinubu has formally written to the Senate, requesting approval to secure a fresh loan of 516,333,070 dollars to support infrastructure development.
In the letter addressed to Senate President Godswill Akpabio and read during Thursday’s plenary, the President explained that the loan would be sourced from Deutsche Bank. The funds are intended to finance the already approved borrowing plan tied to the ambitious Sokoto Badagry Super Highway project.
The Sokoto Badagry Super Highway, a proposed 1000 kilometre road, is designed to connect the northern and southwestern parts of Nigeria, boosting trade, transportation, and economic integration across several states. The project is considered a key component of the administration’s infrastructure agenda.
President Tinubu, in his correspondence, urged lawmakers to grant swift approval to enable timely execution of the project. He emphasized the importance of the loan in ensuring that construction progresses without delays.
Following the reading of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further legislative review. The committee has been mandated to examine the proposal and report back to the chamber within one week.
The request signals the federal government’s continued reliance on external financing to fund large scale infrastructure, amid ongoing efforts to stimulate economic growth and improve connectivity nationwide.
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