The House of Representatives has given the green light to President Bola Ahmed Tinubu’s request to secure a loan of ($516,333,007) five hundred and sixteen million, three hundred and thirty-three thousand, seven US dollars through a syndicated financing arrangement with Deutsche Bank AG.
The approval came during Tuesday’s plenary in Abuja, following the consideration of a report presented by the deputy chairman of the House Committee on Aids, Loans, and Debts Management, Abdullahi Rasheed.
The facility is intended to finance parts of the Sokoto–Badagry Super Highway project. Earlier, Tinubu had written to the National Assembly, asking for approval to obtain a $516.3 million loan from Deutsche Bank for the road’s development.
In his request, the president explained that the funds would cover sections 1, 1A, and 1B of the project, spanning roughly 120 kilometres.
He also sought legislative backing in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to enable the government to finalise the financing arrangement for Sections 1, Phase 1A, and Phase 1B.
The Sokoto–Badagry Super Highway is a key component of the administration’s Renewed Hope Agenda, designed to strengthen national connectivity, ease the movement of goods across major economic routes, and reduce travel time significantly.
When completed, the 1,000-kilometre highway will pass through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, linking Illela to Badagry.
Tinubu noted that the loan will be supported by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). He added that the Federal Government will contribute more than ₦265 billion as counterpart funding for land acquisition, compensation, and related infrastructure.
The loan arrangement is structured over nine years, with a three-year grace period, and carries an interest rate tied to the Chicago Mercantile Exchange SOFR plus 5.3 per cent annually.
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