Breaking…Tinubu seeks Senate approval for $516m loan to fund Sokoto-Badagry Super Highway

President Bola Tinubu has written to the Senate seeking approval to secure a fresh loan of $516,333,070 to support infrastructure development in the country.

In a letter addressed to the President of the Senate, Godswill Akpabio, and read during plenary on Thursday, the President disclosed that the loan is to be obtained from Deutsche Bank.

According to the communication, the funds are intended to finance the already approved borrowing plan for the Sokoto–Badagry 1,000km Super Highway project, a major infrastructure initiative aimed at improving connectivity across the country.

In a letter to the President of the Senate, Senator Godswill Akpabio, which was read on Thursday during plenary, the loan will be obtained from Deutsche Bank, and it is aimed at financing the already approved borrowing plan for it. Sokoto-Badagry 1,000 Super Highway.

President Tinubu in the letter is asking for an expeditious passage.

Akpabio referred the letter to the Committee on Local and Foreign Debts for legislative action and a report back in one week.