House of Representatives has approved President Bola Tinubu’s request to secure $516,333,007 in syndicated financing from Deutsche Bank AG for infrastructure projects.
Report stated earlier that, the approval was granted during Tuesday’s plenary in Abuja after the Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Abdullahi Rasheed, presented the report.
The facility will fund parts of the proposed Sokoto–Badagry Superhighway, a major infrastructure initiative of the Tinubu administration aimed at improving connectivity across strategic regions of the country.
Earlier, Tinubu had requested the National Assembly’s approval through a letter, explaining that the loan from Deutsche Bank AG would finance critical sections of the road project.
“Specifically, approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of US$516,333,007 for the execution of Sections 1, 1A, and 1B of the Sokoto–Badagry Superhighway Project,” the President said.
The proposed 1,000-kilometre highway is expected to connect Nigeria’s North-West and South-West corridors, passing through Sokoto State, Kebbi State, Niger State, Kwara State, Oyo State, Ogun State and Lagos State, stretching from Illela to Badagry.
Tinubu added that the project would improve connectivity, promote trade and strengthen economic integration across the affected states.
