President Bola Tinubu has formally requested the approval of the National Assembly for a fresh $516,333,070 foreign loan to support infrastructure development across the country.
The request was contained in a letter addressed to the President of the Senate, Senator Godswill Akpabio, and read during plenary on Thursday.
According to the letter, the proposed loan is to be obtained from Deutsche Bank and will be used to finance an already approved borrowing plan tied to the Sokoto–Badagry Super Highway project, a major federal infrastructure initiative.
Tinubu urged the Senate to give the request expeditious consideration, stressing the importance of timely approval for the execution of the project.
Following the reading of the letter, Senate President Godswill Akpabio referred the request to the Committee on Local and Foreign Debts for further legislative scrutiny.
VANGUARD