By ifeoma Onyekachi

President Bola Ahmed Tinubu has formally requested the approval of the National Assembly for a fresh external loan of $516.3 million to support the construction of the Sokoto–Badagry Superhighway, a major infrastructure project under his administration’s economic agenda.

The request was conveyed in a letter addressed to the Senate and read during Thursday’s plenary by Senate President Godswill Akpabio.

According to the letter, the proposed borrowing is a syndicated financing facility from Deutsche Bank, amounting to $516,333,007. The funds are designated for the execution of Sections 1, 1A, and 1B of the ambitious highway project.

Tinubu explained that the request complies with Sections 16 and 21 of the Debt Management Office Act, 2011, which require legislative approval for foreign borrowing. He noted that the loan forms part of the Federal Government’s previously approved borrowing plan.

Describing the Sokoto–Badagry Superhighway as a flagship initiative under the Renewed Hope Agenda, the president said the project is intended to transform connectivity across Nigeria by linking key economic zones from the Northwest to the Southwest.

Spanning approximately 1,000 kilometres, the highway will connect states including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos, stretching from Illela to Badagry.

Tinubu highlighted the expected benefits of the project to include improved road safety, reduced travel time, lower logistics costs, and enhanced trade. He also emphasized its potential to strengthen food security by facilitating the movement of agricultural produce across regions.

The Senate is expected to deliberate on the request in the coming days as part of its constitutional oversight on public borrowing.