“It is better to borrow for infrastructure”- Akpabio Backs Tinubu on Fresh $516m Borrowing Plan

• Akpabio has backed Tinubu’s $516m loan request, calling it a strategic move for infrastructure development.
• The funds will support the Sokoto–Badagry Superhighway project to boost economic growth.

Senate President Godswill Akpabio has thrown his weight behind President Bola Ahmed Tinubu’s latest external borrowing request, describing it as a strategic step toward financing critical infrastructure.

Akpabio made the remarks during plenary while reacting to the proposed $516 million loan linked to the Sokoto–Badagry Superhighway project, a major initiative of the current administration.

“I join my colleagues to commend Mr. President that in these difficult times when we don’t really have money, it is better to borrow for projects. It is better to borrow for infrastructure and pay even through the infrastructure. Repayment can be done through the infrastructure, and this is highly recommendable,” he said.

President Tinubu had earlier written to the Senate seeking approval for an external loan of $516,333,070 to fund Sections 1, 1A, and 1B of the proposed 1,000-kilometre Sokoto–Badagry Superhighway.

The request, read during plenary, marks the beginning of legislative consideration of the proposal. According to the President, the loan will be sourced through a syndicated financing arrangement with Deutsche Bank.

The project is expected to link Nigeria’s North-West to the South-West corridor, with the aim of boosting trade, improving transportation, and enhancing economic integration across regions.