President Bola Tinubu has asked the Senate to allow him to borrow about $516.3 million for the Sokoto-Badagry highway.
In a letter addressed to the Senate President, Mr Godswill Akpabio, on Thursday, Mr Tinubu said the loan would be obtained from Deutsche Bank, as the Federal Executive Council (FEC) has already approved the financing plan in one of its meetings.
The President begged the upper chamber of the National Assembly for a quick authorisation of the fresh loan to fast-track work on the project, which is expected to further boost the nation’s economy.
According to him, the superhighway project is a flagship initiative under his administration’s Renewed Hope Agenda designed to enhance national connectivity, reduce travel time, and improve the movement of goods across key economic corridors.
He informed the Senate in the letter that the loan is structured for nine years, including a three-year grace period, with an interest rate pegged at the Chicago Mercantile Exchange SOFR plus 5.3 per cent per annum.
Speaking on the request, the Senate President, who referred the letter to the Committee on Local and Foreign Debts for legislative action and a report back in one week, emphasised that it is better to borrow for projects to improve road safety and foster national integration.
The proposed 1,000-kilometre road will link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos States, connecting Illela to Badagry.
