Tinubu seeks senate nod for $516m infrastructure loan

Tinubu seeks senate nod for $516m infrastructure loan

By Paul Dada

President Bola Tinubu on Thursday, asked the Senate to approve a fresh external loan of about 516 million dollars.

This underscores his administration’s push to fund major infrastructure through borrowing.

The request was formally read during plenary on Thursday by Godswill Akpabio, setting in motion the legislative process that will determine whether the funds can be secured.

The proposal was afterwards, referred to the Senate Committee on Local and Foreign Debts for detailed consideration.

At the heart of the borrowing plan is the Sokoto–Badagry Super Highway, an ambitious route designed to connect Nigeria’s north west to its south west corridor.

Government officials argue that the project could transform trade flows, reduce travel time and open up economic opportunities across multiple states.

The financing is expected to come from Deutsche Bank, within the framework of an already approved borrowing plan.

The administration maintains that the loan is targeted and aligned with broader development goals, rather than an expansion of unplanned debt.