The House of Representatives has approved President Bola Tinubu’s request for a $516,333,007 syndicated loan from Deutsche Bank AG to fund critical infrastructure development across Nigeria.
The approval was granted on Tuesday during 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 facility is intended to support key sections of the proposed Sokoto–Badagry Super Highway, one of the flagship infrastructure projects of the Tinubu administration aimed at improving national connectivity and boosting economic activity.
In his request to the National Assembly, President Tinubu explained that the funding would be sourced through Deutsche Bank to execute Sections 1, 1A, and 1B of the project.
“Specifically, approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of US$516,333,007 for the execution of Sections 1, 1A, and 1B of the Sokoto–Badagry Superhighway Project,” the President stated.
The proposed 1,000-kilometre highway is designed to link Nigeria’s North-West and South-West regions, passing through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos States, stretching from Illela to Badagry.
According to the Federal Government, the project is expected to significantly enhance transportation networks, facilitate trade, and promote economic integration across the affected regions.
PUNCH