Olushola Omogbehin
President Bola Tinubu has written to the Senate, seeking approval for a fresh external borrowing of $516,333,070 loan to support the Sokoto–Badagry Superhighway project.
The loan which will be obtained from Deutsche Bank was communicated in a letter to the President of the Senate, Senator Godswill Akpabio, which was read on Thursday during plenary.
The president said the proposed facility sourced through a syndicated arrangement, led by Deutsche Bank, would finance Sections I, Phase IA and IB of the project, covering roughly 120 kilometres.
He explained that the request complied with Sections 16 and 21 of the Debt Management Office (DMO) Act governing public borrowing.
Tinubu noted that the Federal Executive Council had already endorsed the financing arrangement and urged lawmakers to incorporate it into the country’s borrowing plan.
Describing the highway as a cornerstone of his administration that will establish a major North–South transport corridor, Tinubu said the full project spans about 1,000 kilometres of dual carriageway, linking Kebbi, Niger, Kwara, Oyo, Ogun and Lagos states.
According to the president, the road is expected to significantly enhance connectivity across the country, improve safety, cut travel time and logistics costs, and boost trade and food supply chains by easing movement between production hubs, markets and seaports.
Senate President Godswill Akpabio referred the request to the Senate Committee on Local and Foreign Debts, directing the panel to report back within one week.
According to data from oilprice.com, the fresh loan request was in spite of the oil windfall for the Nigerian government, with a budget benchmark of $64.85 per barrel, and Brent currently selling for $102.2 per barrel.
Just last month, the president asked the National Assembly to approve a N9 trillion increase to the 2026 budget with fresh external borrowing totaling $6 billion to support government spending, infrastructure, and debt obligations.
