By The House of Representatives has approved President Bola Tinubu’s request to secure a $516.3 million syndicated loan from Deutsche Bank AG to support the construction of the Sokoto–Badagry Super Highway.
The approval was granted during plenary on Tuesday in Abuja following the presentation of a report by the Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Abdullahi Rasheed.
According to the President, the loan will finance Sections 1, 1A, and 1B of the highway project, covering about 120 kilometres. He explained that the request aligns with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, which requires National Assembly approval for such borrowing.
The Sokoto–Badagry Super Highway is a flagship project under the administration’s Renewed Hope Agenda and is expected to boost national connectivity, enhance the movement of goods across key economic corridors, and significantly reduce travel time. The 1,000-kilometre road will link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, connecting Illela to Badagry.
President Tinubu further stated that the loan will be sourced through a syndicated financing facility arranged by Deutsche Bank and backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.
He added that the Federal Government will provide over ₦265 billion as counterpart funding for land acquisition, compensation, and related infrastructure. The loan is structured over nine years, with a three-year grace period, and carries an interest rate based on the Chicago Mercantile Exchange SOFR plus 5.3 per cent per annum.
The Federal Executive Council had earlier approved the financing plan.
