President Bola Ahmed Tinubu has formally approached the National Assembly for approval to secure a fresh foreign loan valued at $516 million to support the ongoing Sokoto–Badagry Superhighway project.
The request was conveyed in an official communication read during Senate plenary by Senate President Godswill Akpabio on Thursday.
According to details presented, the proposed funding is structured as a syndicated loan facility arranged through Deutsche Bank. The financing will cover key segments of the ambitious highway project, which is a central component of the administration’s infrastructure drive.
The Sokoto-Badagry Superhighway is designed as a 1,000-kilometre economic corridor, stretching across multiple states from the North-West to the South-West, ultimately linking inland production hubs to coastal trade routes.
Government projections indicate that the highway will:
Boost inter-regional connectivity
Reduce transportation costs and travel time
Enhance trade flow and food distribution
Strengthen national integration
The loan arrangement is expected to run for nine years, including a grace period, with interest tied to global financial benchmarks.
Additionally, the Federal Government has earmarked significant counterpart funding to handle land acquisition, compensation, and related infrastructure needs.
The proposal now awaits legislative approval, a critical step before funds can be accessed and project execution accelerated.
While the project promises economic benefits, attention is likely to focus on Nigeria’s rising debt profile and the long-term sustainability of such borrowing.