The House of Representatives has given approval to President Bola Tinubu’s request to secure a $516,333,007 syndicated loan from Deutsche Bank AG to support infrastructure development.
The approval was granted during Tuesday’s plenary in Abuja following the presentation of a report by the Deputy Chairman of the House Committee on Aids, Loans, and Debt Management, Abdullahi Rasheed.
The loan is earmarked for the construction of key sections of the Sokoto–Badagry Super Highway, a major road project expected to improve connectivity across several states.
Earlier, President Tinubu had formally written to the National Assembly, seeking legislative backing for the loan facility. In his communication to Senate President Godswill Akpabio, he requested approval in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to enable funding for Sections 1, Phase 1A, and Phase 1B of the project.
The highway is a central component of the administration’s Renewed Hope Agenda, aimed at boosting economic activities, easing the movement of goods, and significantly reducing travel time along critical trade routes.
More updates are expected as the project progresses.
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