President Bola Tinubu has formally requested Senate approval for a new loan of $516,333,070 to fund the construction of the Sokoto-Badagry Super Highway. The request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during Thursday's plenary session.
Loan Details and Purpose
According to the President, the loan will be sourced from Deutsche Bank and is specifically allocated for the development of the 1,000-kilometer highway project. This initiative is a cornerstone of the administration's legacy infrastructure agenda, designed to enhance connectivity between Nigeria's northern and southern regions.
Call for Expedited Approval
In his letter, President Tinubu urged lawmakers to fast-track the approval process to keep the project on schedule. He emphasized the strategic importance of the highway in fostering economic integration and regional development.
Senate Action
Following the reading, Senate President Akpabio referred the matter to the Committee on Local and Foreign Debts for further legislative scrutiny. The committee is expected to report back within one week.
Stakeholder Optimism
The Sokoto-Badagry Super Highway has garnered significant attention from stakeholders and engineering groups, who express optimism about its potential to transform rural economies and facilitate regional trade. The project is seen as a vital link for agricultural and commercial activities across the country.
