The House of Representatives has granted approval for President Bola Tinubu's request to secure a foreign loan of $516,333,007. The funds are designated for critical infrastructure development, specifically targeting the construction of sections of the proposed Sokoto–Badagry Superhighway.
Approval During Plenary Session
The approval was secured during Tuesday's plenary session of the green chamber. Lawmakers considered a report presented by Abdullahi Rasheed, Deputy Chairman of the House Committee on Aids, Loans and Debt Management. The committee reviewed the loan proposal submitted by the executive and recommended its adoption.
Rasheed urged the House to adopt the committee's recommendation, which lawmakers subsequently ratified after deliberations. This legislative approval allows the Federal Government to proceed with the borrowing process.
Project Objectives and Expected Impact
The Sokoto–Badagry Superhighway is a major federal infrastructure project expected to enhance connectivity across several states. Once completed, it is anticipated to boost economic activities along the corridor, facilitating trade and transportation.
Further details on the disbursement structure and timeline for the project are expected to be provided by relevant authorities in due course.
