The House of Representatives has approved President Bola Tinubu’s request to secure a $516.3 million external loan for the construction of key sections of the Sokoto–Badagry Super Highway, a major infrastructure project under the administration’s Renewed Hope agenda.
The approval was granted during plenary after lawmakers considered and adopted a report by the House Committee on Aids, Loans and Debt Management. The loan, arranged through Deutsche Bank AG, will fund Sections 1, 1A and 1B, covering about 120 kilometres of the proposed 1,000-kilometre highway.
President Tinubu had told lawmakers the financing facility is already captured in the federal government’s rolling borrowing plan and is structured with a nine-year tenor, including up to three years’ grace period, with interest benchmarked at CME SOFR plus 5.3 percent annually.
The House also reportedly attached oversight conditions to the approval, directing relevant ministries and agencies, including the Debt Management Office and Ministry of Works, to provide quarterly reports on disbursement and project implementation.
The Sokoto–Badagry highway is designed to link several states across northern and southwestern Nigeria, with the government arguing it will improve trade, reduce logistics costs and boost connectivity.
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