House of Representatives approves $516 million Deutsche Bank loan for Sokoto–Badagry superhighway
via Punch Nigeria1 min read
The House of Representatives has approved President Bola Tinubu’s request to borrow $516,333,007 in syndicated financing from Deutsche Bank AG for infrastructure development. This approval, granted during a plenary session in Abuja, follows a report presented by Abdullahi Rasheed, Deputy Chairman of the House Committee on Aids, Loans and Debt Management. The loan is intended to support sections of the proposed Sokoto–Badagry Super Highway, a key infrastructure project under the Tinubu administration aimed at improving connectivity across Nigeria. President Tinubu had previously sought legislative approval for these funds, specifying that they would finance Sections 1, 1A, and 1B of the project. The 1,000-kilometer highway is designed to connect Nigeria’s North-West and South-West corridors, passing through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, from Illela to Badagry. The President stated that the project is expected to significantly enhance connectivity, facilitate trade, and drive economic integration in the affected regions.
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