Reps Greenlight Tinubu’s $516M Loan Request In Bold Move

The House of Representatives of Nigeria has approved a request by President Bola Tinubu to secure a foreign loan of $516,333,007 to fund sections of the Sokoto-Badagry superhighway project.

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 reviewed the proposal before presenting it to lawmakers for consideration, after which it received backing during deliberations.

According to credible media reports, the facility is intended to accelerate construction on key segments of the Sokoto-Badagry road project, one of the Federal Government’s flagship infrastructure initiatives. The project is designed to enhance connectivity across several states and boost economic activities along the corridor.

In a related development, former Vice President Atiku Abubakar has expressed concerns over the proposed borrowing plan, warning against what he described as excessive reliance on external loans. He urged caution, emphasizing the need for prudent fiscal management.

Further reports indicate that the President has also sought approval from the Senate for the same loan, which is expected to be sourced from Deutsche Bank AG as part of a syndicated financing arrangement. The loan is to be supported by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.

The Federal Government is also expected to provide counterpart funding exceeding ₦265.5 billion to cover land acquisition, compensation, and related infrastructure costs. The proposed 1,000-kilometre highway is projected to link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, forming a strategic economic corridor stretching from Illela to Badagry.