JUST IN: Tinubu seeks senate approval for fresh $516m loan

President Bola Tinubu has formally requested the approval of the National Assembly for a fresh external loan of $516,333,070 to support ongoing infrastructure development.

The request was contained in a letter sent to Godswill Akpabio, the President of the Senate and was read during plenary on Thursday at the national assembly in Abuja.

According to the correspondence, the proposed facility is expected to be sourced from Deutsche Bank and will be used to finance components of the already approved Sokoto–Badagry Super Highway project.

The request was formally read during plenary on Thursday by Godswill Akpabio, setting in motion the legislative process that will determine whether the funds can be secured.

The proposal was afterwards, referred to the senate committee on local and foreign debts for detailed consideration.

At the heart of the borrowing plan is the Sokoto–Badagry Super Highway, an ambitious route designed to connect Nigeria’s north west to its south west corridor.

Government officials argue that the project could transform trade flows, reduce travel time and open up economic opportunities across multiple states.

The financing is expected to come from Deutsche Bank, within the framework of an already approved borrowing plan.

The administration maintains that the loan is targeted and aligned with broader development goals, rather than an expansion of unplanned debt.