The House of Representatives approved a $516 million foreign loan request to fund key sections of the Sokoto–Badagry Superhighway. Lawmakers took the decision after President Bola Ahmed Tinubu formally sought legislative consent for the syndicated financing.
President Bola Ahmed Tinubu sent a letter to the National Assembly. He requested approval for US$516,333,007 in syndicated financing from Deutsche Bank. The Islamic Corporation for the Insurance of Investment and Export Credit provided backing for the facility.
Tinubu stated that the Federal Executive Council had already cleared the arrangement. He urged lawmakers to include the loan in the national borrowing plan.
The loan targets Sections 1, 1A, and 1B of the proposed superhighway. These segments cover about 120 kilometres. The overall project forms a roughly 1,000-kilometre inland dual carriageway. It links states including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos. The highway runs from Illela in the North-West to Badagry in the South-West.
President Bola Ahmed Tinubu described the project as a flagship initiative under his Renewed Hope Agenda. He explained that the superhighway would improve connectivity between production zones, markets, and ports.
The development aimed to enhance road safety, reduce logistics costs and travel time, boost trade, support food security, and promote national cohesion. The Federal Government planned to provide counterpart funding of ₦265.5 billion for land acquisition, compensation, and related works.
Senate President Godswill Akpabio commented during plenary. He noted that borrowing for productive infrastructure allowed future repayment through the assets created. However critics raised concerns.
Former Vice President Atiku Abubakar called the request part of reckless fiscal choices amid Nigeria’s rising debt profile. The African Democratic Congress National Legislators’ Forum also faulted the move and called for greater fiscal discipline.
