April 28, (THEWILL) — The House of Representatives, on Tuesday, approved President Bola Tinubu’s request to secure a $516.3 million syndicated foreign loan facility from Deutsche Bank AG for the execution of Sections 1, 1A and 1B of the proposed Sokoto–Badagry Super Highway project after lawmakers deliberated on the economic and strategic importance of the road infrastructure.
THEWILL reports that the approval followed the presentation of a report by Abdullahi Rasheed during plenary in Abuja, where members of the House considered the details of the financing request and its implications for infrastructure development across the country.
Presenting the report, Rasheed informed lawmakers that the loan request complied with relevant statutory provisions governing external borrowing and was targeted at financing critical components of the Federal Government’s flagship highway project.
He explained that the facility would support the construction of Sections 1, 1A and 1B of the superhighway and urged the House to approve the request in view of the project’s national economic significance.
Lawmakers, during deliberations on the report, stressed the need for sustained investment in strategic infrastructure capable of improving transportation, enhancing trade and stimulating economic activities across multiple regions of the country.
Several members noted that the Sokoto–Badagry Super Highway would strengthen connectivity between northern and southern Nigeria while easing movement of agricultural produce, manufactured goods and passengers.
The House subsequently adopted the committee’s recommendations through a voice vote presided over by the Speaker, Tajudeen Abbas, thereby granting approval for the Federal Government to proceed with the financing arrangement.
In the letter transmitted to the National Assembly and read during plenary, President Tinubu stated that the syndicated financing facility from Deutsche Bank was required for the execution of critical portions of the road 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.
THEWILL gathered that the proposed 1,000-kilometre superhighway will run from Illela in Sokoto State to Badagry in Lagos State, traversing Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos states.
The Federal Government has described the project as a major economic corridor intended to improve interstate transportation, reduce travel time and promote regional integration across key commercial and agricultural zones.
Stakeholders in the transport and construction sectors say the highway could boost logistics operations, improve market access for rural producers and stimulate investments in communities located along the route.
The project is also expected to generate employment opportunities during construction while supporting broader economic activities tied to trade, commerce and industrial expansion.
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