The House of Representatives has approved the $516.3 million syndicated loan requested to be approved by President Bola Ahmed Tinubu, to finance Section 1 (Phase 1A and 1B) of the Sokoto–Badagry Superhighway project.
The president had explained that the facility would be sourced from from Deutsche Bank AG, as part of the government’s borrowing plan.
The approval was done at plenary on Tuesday through the adoption of the report of the House’s Committee on Aids, Loans and Debt Management.
Presenting the report, Chairman of the committee, Hon. Abubakar Hassan Nalaraba called on memberw to approve the financing request for the 120-kilometre stretch of the project.
Earlier, a member of the committee, Abdullahi El-Rashid, who represents Dukku/Nafada Federal Constituency in Gombe State, moved the motion for consideration of the report, highlighting the strategic importance of the road to national economic integration.
The House subsequently in the Committee of Supply considered and approved the committee’s recommendations.
