House of Representatives approves $516 million Deutsche Bank loan for Sokoto鈥揃adagry superhighway
via Punch Nigeria1 min read
The House of Representatives has approved President Bola Tinubu鈥檚 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鈥揃adagry 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鈥檚 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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This summary was AI-generated from a story originally published by Punch Nigeria.
The African Democratic Congress ADC has criticized President Bola Tinubu's Democracy Day address, describing it as an admission of the All Progressives Congress's APC failure to deliver on promises after more than a decade in power. The opposition party stated that Tinubu's speech was "another campaign speech masquerading as a presidential address," arguing that Nigerians require tangible results instead of new assurances on economic recovery, security, and job creation. In a statement by its National Publicity Secretary, Bolaji Abdullahi, the ADC questioned the performance of both Tinubu's administration and the APC government since 2015. The party noted that the speech was "long on promises and short on answers," resembling a candidate's address rather than that of a government in its fourth year. The ADC accused the President of failing to account for his administration's performance on a day commemorating the June 12, 1993 presidential election. The party highlighted that issues like insecurity, unemployment, poverty, and economic decline, which the APC promised to address in 2015, remain significant challenges. The ADC also criticized the administration's focus on future prospects while many Nigerians face severe economic hardship, including high food prices and soaring transportation costs. The party argued that Democracy Day should have been an opportunity for the President to explain the APC's stewardship over the last decade, rather than presenting a "catalogue of fu
Ondo State Governor Lucky Aiyedatiwa stated that insecurity poses a significant threat to the sustenance of democracy in Nigeria. Speaking at the 33rd anniversary of the June 12 Presidential Election in Akure, Governor Aiyedatiwa emphasized that democracy requires the collective commitment of citizens to uphold its values and principles. He noted that while democracy is a continuous journey measured by good governance, it can only truly thrive in an atmosphere of peace and security. Insecurity, he added, weakens democratic values, discourages civic participation, and erodes public trust. Governor Aiyedatiwa commended President Bola Tinubu's administration for its efforts to address insecurity through the "Renewed Hope Agenda," including strengthening coordination among security agencies and supporting decentralized policing. He also highlighted his administration's commitment to good governance, infrastructure renewal, and ensuring the safety of lives and property under the "OUR EASE Agenda." Former Edo State Governor Senator Adam Oshiomhole, the guest speaker, underscored that democracy enables citizens to question political leaders and promotes accountability, transparency, and the rule of law.
BreakingElon Musk, CEO of SpaceX, has become the first individual in history to achieve a net worth exceeding $1 trillion. This milestone was reached following SpaceX's initial public offering, which priced shares at $135. Shortly after market open on Friday, the company's shares, trading as "SPCX" on the Nasdaq, rose to $165, an increase of approximately 22% above the IPO price, pushing SpaceX's valuation above $2 trillion. Prior to this listing, Musk's estimated fortune was $813 billion, which was more than double the wealth of the world's second-richest person, Google co-founder Larry Page, valued at about $288 billion. Musk's current net worth now surpasses the combined wealth of Larry Page, Sergey Brin, and Larry Ellison. SpaceX, which includes Starlink and xAI, is now the sixth-largest publicly traded company in the United States by valuation, trailing Nvidia, Alphabet, Apple, Microsoft, and Amazon.