- Senate Approves $516m Loan For Sokoto–Badagry Highway
- Funding to cover 120km phase of Sokoto Badagry road
- Lawmakers cite economic and agricultural benefits of project
The Nigerian Senate on Wednesday approved a $516 million loan request by President Bola Tinubu to support the construction of the Sokoto–Badagry Superhighway.
The approval followed the consideration of a report presented during plenary by the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko.
The request was earlier transmitted to the Senate in a letter addressed to Senate President Godswill Akpabio and read during plenary last Thursday.
EDITOR’S PICKS
- FA Introduces New Rules To Limit Heading In Football
- President Tinubu Has Not Endorsed Any APC Candidate for 2027 – Jandor
- Police Arrest 2 Over Trafficking of Nigerian Woman to Côte d’Ivoire
EKO HOT BLOG reports that president Tinubu explained that the loan would fund part of the Sokoto–Badagry Superhighway, a 1,000 kilometre flagship project designed to link the North West and South West regions.
According to the proposal, the highway will stretch from Illela in Sokoto State through Kebbi, Niger, Kwara, Oyo and Ogun states, before terminating in Badagry, Lagos State.
The loan will specifically finance Sections 1, Phase 1a and 1b, covering about 120 kilometres of the corridor.
The President stated that the project would be funded through a syndicated loan arranged by Deutsche Bank AG, with a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.
During deliberations, lawmakers highlighted the strategic importance of the highway, noting its potential to enhance connectivity across key regions.
Tahir Monguno said the road would connect three geopolitical zones and significantly reduce travel time between the northern and southern parts of the country.
Akpabio also disclosed that an earlier $5 million facility approved by the Senate could not be accessed due to escalating conflict in the Abu Dhabi region, which stalled the funding arrangement.
He added that securing alternative financing would help fast track the execution of the project.
Lawmakers further noted that beyond transportation, the Sokoto–Badagry Superhighway is expected to boost agricultural productivity by improving access to markets, supporting dam development and strengthening the agricultural value chain.
The Senate’s approval is expected to be transmitted to the President for final action, while the House of Representatives had earlier given its concurrence.
FURTHER READING
- Nigerian Fraudster Admits Role in $50 Million Email Scam Network
- FG Begins Review of Agricultural Curricula to Bridge Skills Gap
- Mother Slumps, Dies While Escorting Daughter To UTME Centre In Ondo
