Reps Approve Tinubu’s $516m Loan Request
The House of Representatives has approved President Bola Tinubu’s request to secure a $516,333,007 syndicated loan from Deutsche Bank AG to support infrastructure development.
The approval was granted on Tuesday during plenary in Abuja after the presentation of a report by Deputy Chairman of the Committee on Aids, Loans, and Debts Management, Abdullahi Rasheed.
The loan will finance parts of the proposed Sokoto–Badagry Super Highway, a major project of the Tinubu administration designed to enhance connectivity across key regions of the country.
In a letter to the National Assembly, Tinubu said the facility would cover Sections 1, 1A and 1B 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 stated.
The 1,000-kilometre highway is expected to connect the North-West and South-West, running from Illela in Sokoto State to Badagry in Lagos State, and passing through Kebbi, Niger, Kwara, Oyo and Ogun states.
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