The request was conveyed in a letter addressed to the President of the Senate, Godswill Akpabio, and read during Thursday’s plenary session.
President Bola Ahmed Tinubu has formally requested the approval of the Senate to secure a fresh external loan totaling $516,333,070, as part of efforts to finance the Sokoto–Badagry Super Highway project.
The request was conveyed in a letter addressed to the President of the Senate, Godswill Akpabio, and read during Thursday’s plenary session.
According to the letter, the proposed loan is to be sourced from Deutsche Bank. The funds are intended to support the already approved borrowing plan tied to the construction of the Sokoto–Badagry 1,000-kilometre Super Highway—one of the federal government’s flagship infrastructure projects aimed at boosting economic connectivity across the country.
President Tinubu urged the Senate to grant expedited consideration to the request, citing the strategic importance of the project and the need to maintain momentum in its execution.
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 report back to the chamber within one week.
The proposed loan, if approved, will add to Nigeria’s external debt profile at a time when concerns continue to grow over the country’s borrowing levels and debt servicing obligations. However, government officials have maintained that such loans are necessary to bridge infrastructure gaps and stimulate long-term economic growth.