The Nigerian Senate has approved President Bola Tinubu’s request for a $516 million external loan to finance the construction of key sections of the Sokoto–Badagry Super Highway.
The approval was granted during plenary after lawmakers considered a report by the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko. The report, presented by Adamu Aliero, recommended that the loan—arranged through Deutsche Bank AG—be included in the Federal Government’s borrowing plan.
The loan carries a nine-year tenor, including a grace period of up to three years, and is backed by a partial guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit. Lawmakers noted that the structure is designed to ease repayment pressure while enabling timely project execution.
During debate, several senators emphasised the strategic importance of the highway. Tahir Monguno described the project as critical to Nigeria’s economic growth, noting that it would boost agriculture, generate jobs, and expand revenue streams.
He explained that the road would connect the North West, North Central, and South West regions, creating new economic corridors and supporting micro and small-scale businesses along its route.
Similarly, Adetokunbo Abiru said the highway would significantly enhance connectivity between northern and southern Nigeria, improving trade and mobility.
Deputy Senate President Jibrin Barau praised the President’s economic vision, describing the loan request as part of a broader effort to reposition the country for growth.
In his remarks, Senate President Godswill Akpabio commended the administration for pursuing foreign financing for infrastructure with strong socio-economic value.
He added that the super highway could also support the construction of dams along its corridor, further boosting agricultural productivity and strengthening value chains.
The Sokoto–Badagry Super Highway is expected to serve as a major economic artery linking multiple regions, facilitating trade, improving transportation efficiency, and opening up rural and agricultural communities.
With legislative backing secured, the project moves a step closer to implementation, as the government seeks to leverage infrastructure investment to drive long-term economic development.
