The House of Representatives has approved President Bola Tinubu’s request to secure a $516.3 million syndicated loan from Deutsche Bank AG to fund sections of the Sokoto–Badagry Super Highway project.
The approval followed consideration of a report by the House Committee on Aids, Loans, and Debt Management.
The loan will finance sections 1, 1A, and 1B of the highway, covering about 120 kilometres, as part of the government’s Renewed Hope infrastructure agenda aimed at improving national connectivity and boosting economic activity.
The project, spanning about 1,000 kilometres, will link Sokoto to Badagry across several states. The financing arrangement includes a partial risk guarantee and a federal counterpart contribution for land acquisition and related costs.
The loan is structured over nine years with a three-year moratorium.
