The House of Representatives Nigeria has approved a request by President Bola Tinubu to secure a $516,333,007 syndicated loan from Deutsche Bank AG to support infrastructure development in the country.
The approval was granted on Tuesday during plenary in Abuja following the presentation of a report by Abdullahi Rasheed, who led the committee’s consideration of the request.
According to details submitted to lawmakers, the loan will be used to finance critical sections of the proposed Sokoto–Badagry Super Highway, one of the flagship infrastructure projects of the Tinubu administration. The highway is designed to enhance connectivity and boost economic activities across several regions of Nigeria.
In a formal communication to the National Assembly, President Tinubu stated that the loan facility would specifically fund Sections 1, 1A, and 1B of the project. He urged lawmakers to approve the financing arrangement to enable timely execution of the project.
“Approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of $516,333,007 for the execution of Sections 1, 1A and 1B of the Sokoto–Badagry Superhighway Project,” the president said.
The Sokoto–Badagry Super Highway is a proposed 1,000-kilometre road network expected to connect the North-West to the South-West, running from Illela in Sokoto State to Badagry in Lagos State. The route will pass through Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, forming a major transport corridor across the country.
Government officials say the project is aimed at improving transportation efficiency, reducing travel time, and facilitating trade between regions. It is also expected to stimulate economic growth along the corridor by opening up rural and urban areas to increased commercial activities.
The approval of the loan marks a significant step toward the realisation of the ambitious highway project, although concerns around borrowing and debt sustainability are likely to remain part of the broader public conversation.
