Nigeria’s House of representatives has approved a $516.3 million syndicated loan requested by Bola Ahmed Tinubu to fund sections of the Sokoto–Badagry Superhighway project.
According to Channels TV, the approval was granted on Tuesday during plenary in Abuja following the presentation of a report by Abdullahi Rasheed, the deputy chairman of the house committee on aids, loans and debt management.
According to the presidency, the financing will cover Sections 1, 1A and 1B of the proposed 1,000-kilometre highway, a flagship infrastructure project designed to link Nigeria’s North-West to the South-West, stretching from Illela in Sokoto State to Badagry in Lagos.
President Tinubu, in his communication to the national assembly, argued that the project would boost economic integration, improve inter-state connectivity, and facilitate trade across seven states including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos.
However, the approval comes at a time of heightened scrutiny over Nigeria’s borrowing strategy, with analysts warning about rising debt levels and fiscal sustainability, especially amid declining external reserves and currency pressures.
While proponents see the superhighway as a transformative economic corridor, critics argue that transparency, execution capacity, and debt servicing plans will determine whether the project delivers long-term value or adds to the country’s financial strain.
More details to come..
