Nigeria’s House of Representatives has approved a request by President Bola Tinubu to secure $516,333,007 in syndicated financing from Deutsche Bank AG for infrastructure development.
The approval was granted during Tuesday’s plenary in Abuja after the Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Abdullahi Rasheed, presented the committee’s report.
The funds are intended to finance key sections of the proposed Sokoto–Badagry Super Highway, a major project under the current administration aimed at improving connectivity across different regions of the country.
Earlier, President Tinubu had written to the National Assembly seeking approval for the loan, explaining that the facility would be sourced from Deutsche Bank to execute critical portions of the project.
Specifically, the financing will cover Sections 1, 1A, and 1B of the highway. The planned 1,000-kilometre road will link the North-West to the South-West, passing through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos States from Illela to Badagry.
According to the President, the project is expected to boost transportation, enhance trade, and promote economic integration across the regions it will connect.
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