Tinubu Seeks Senate Approval for Fresh $516m Loan

By Aluko Adeyemi

President Tinubu requests Senate approval for $516m loan from Deutsche Bank to fund Sokoto–Badagry Super Highway project.

President Bola Tinubu has formally requested approval from the Senate to secure a fresh loan of $516,333,070 as part of the Federal Government’s ongoing infrastructure financing strategy.

The request was contained in a letter addressed to Senate President Godswill Akpabio, which was read during plenary on Thursday.

According to the President, the proposed loan is to be sourced from Deutsche Bank and will be used to finance the Sokoto–Badagry 1,000km Super Highway project—one of the administration’s flagship infrastructure initiatives aimed at boosting connectivity and economic development across the country.

Tinubu, in the letter, urged the Senate to grant expedited approval for the facility to ensure timely execution of the project, which is expected to enhance trade, ease transportation, and stimulate regional economic growth.

Following the presentation, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further legislative scrutiny. The committee has been given one week to review the proposal and report back to the chamber.

The request comes amid ongoing efforts by the Federal Government to fund large-scale infrastructure projects through external borrowing, even as concerns persist over Nigeria’s rising debt profile and servicing costs.

Economic analysts say while such loans are critical for infrastructure development, they also underscore the need for careful debt management to ensure long-term fiscal sustainability.

The Sokoto–Badagry Super Highway is expected to serve as a major economic corridor, linking northern and southern Nigeria, and facilitating the movement of goods and services across regions.