The Senate Wednesday approved President Bola Tinubu’s request for a $516 million loan to fund the construction of Section 1, Phases 1A and 1B of the Sokoto–Badagry Super Highway.
The approval followed consideration of report presented to that effect by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, (APC Sokoto North).
Presenting the report, Senator Adamu Aliero, (APC Kebbi Central), said the committee recommended that the financing, arranged through Deutsche Bank AG, be incorporated into the Federal Government’s borrowing plan.
The loan comes with a partial guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit and has a tenor of nine years, including a grace period of up to three years.
During deliberations, lawmakers stressed the strategic importance of the highway project.
Senator Tahir Monguno, (APC Borno North), described the loan as “deserving” because the project is key to the country’s economic development.
He said the Sokoto–Badagry Super Highway will unlock the agricultural value chain, create employment, and deepen the Federal Government’s revenue base.
According to him, the highway links three geopolitical zones — North West, North Central, and South West — and will spur micro‑economic businesses along the corridor while opening new opportunities between the regions.
Senator Adetokunbo Abiru, (APC Lagos East), also backed the approval, noting that the super highway will strengthen connectivity between the North and South.
Deputy Senate President Jibrin Barau said Tinubu meant well for the country in seeking the loan, praising the President as an accountant, financial expert, and administrator committed to transforming Nigeria into a prosperous nation.
Beyond creating another access road between Northern and Southern Nigeria, Barau said the road will further enhance economic activities between the two regions when completed.
Ruling on the approval, Senate President Godswill Akpabio commended Tinubu for seeking foreign financing for the project, citing its socio‑economic impact.
He added that the project would allow for the construction of dams along the corridor, boosting agricultural development and value chains.
Akpabio assured that the Senate is ready to support the President’s developmental agenda by approving requests of economic importance to the nation.
