President Bola Tinubu has requested the approval of the Senate for a fresh $516.3 million loan from Deutsche Bank to finance a road project.
The request was contained in a letter addressed to Senate President Godswill Akpabio and read during plenary on Thursday.
According to the letter, the proposed loan will be used to fund Sections 1, Phase 1a and 1b of the Sokoto–Badagry Superhighway, a key transport corridor expected to stretch about 1,000 kilometres in total, with the current phase covering 120 kilometres.
Tinubu urged the Senate to give the request expeditious consideration.
After reading of the letter, Akpabio referred it to the Senate Committee on Local and Foreign Debts for further legislative action.
The committee was directed to report back in one week.
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