The House of Representatives has given the green light to President Bola Tinubu’s request to secure $516,333,007 in syndicated financing from Deutsche Bank AG, aimed at boosting Nigeria’s infrastructure development.
Channels TV reports that the approval came on Tuesday during plenary in Abuja, following a detailed presentation by Abdullahi Rasheed, Deputy Chairman of the House Committee on Aids, Loans, and Debt Management.
The loan is expected to support sections of the proposed Sokoto–Badagry Super Highway, a flagship project under the Tinubu administration’s infrastructure drive aimed at boosting connectivity across key regions of the country.
Tinubu had earlier sought legislative approval for the facility in a letter to the National Assembly, stating that the funds would be sourced from Deutsche Bank to finance critical segments of the project.
“Specifically, approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of US$516,333,007 for the execution of Sections 1, 1A, and 1B of the Sokoto–Badagry Superhighway Project,” the President said.
The proposed 1,000-kilometre highway is designed to link Nigeria’s North-West and South-West corridors, traversing Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos states, from Illela to Badagry.
According to the President, the project is expected to significantly enhance connectivity, facilitate trade, and drive economic integration across the affected regions
