Breaking: Lawmakers Approve $516m Loan Request Sought By President Tinubu

The approval was granted during Tuesday’s plenary session in Abuja following the presentation of a report by Abdullahi Rasheed, Deputy Chairman of the Committee on Aids, Loans and Debt Management. The committee had earlier examined the proposal before it was presented for legislative consideration.

Lawmakers endorsed the loan after deliberation, noting that it is intended to support the development of key segments of the major federal highway project, which is part of the government’s broader infrastructure agenda.

Meanwhile, former Vice President Atiku Abubakar has criticised the move, warning against what he described as excessive external borrowing by the administration.

Tinubu had earlier written to the Senate seeking approval for the $516.3 million syndicated loan from Deutsche Bank AG. The facility is backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.

According to the proposal, the loan will help finance the Sokoto–Badagry Superhighway project, while the Federal Government is also expected to provide counterpart funding of over ₦265.5 billion for land acquisition, compensation, and related infrastructure.

The planned 1,000-kilometre highway is expected to link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos States, forming a major economic corridor stretching from Illela to Badagry.