23/04/2026
President Bola Tinubu don ask di Senate to approve $516,333,007 foreign loan to support construction of Sokoto-Badagry Highway project.
Di request dey inside one letter wey Senate President Godswill Akpabio read during di plenary on Thursday.
Inside di letter, di president tell di Senate make dem approve di proposal to go borrow di loan from Deutsche Bank for di financing of Sections 1, Phase 1A, and 1B of di project.
Tinubu also request make di loan dey included in di federal govment borrowing plan wey di National Assembly don already approve.
Tinubu tok say di Sokoto-Badagry Superhighway na big infrastructure initiative under di renewed hope agenda, wey go dey designed to open Nigeria northwest and southwest economic corridor through di construction of 1,000-kilometre high-capacity road wey go link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, from Illela to Badagry.
Tinubu tok say federal govment go provide funding of 265,542,689,569 nara, wey go cova land acquisition, compensation, and oda infrastructure.
Di president tok say di loan go last for nine years, wey include three years grace period, wit interest rate wey no go pass di Chicago Mercantile Exchange (CME) SOFR plus 5.3 percent per annum.
Akpabio later refer di request to di Senate Committee on Local and Foreign Debts for further legislative action.
