The House of Representatives has approved President Bola Tinubu’s request to secure $516,333,007 in syndicated financing from the Deutsche Bank AG for infrastructure development.
The approval was granted on Tuesday during plenary in Abuja, following the presentation of a report by the Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Rep. Abdullahi Rasheed.
The loan is expected to fund key sections of the proposed Sokoto–Badagry Superhighway, a flagship project under the Tinubu administration’s infrastructure agenda aimed at improving connectivity across major regions of the country.
Tinubu had earlier sought legislative approval in a formal request to the National Assembly, stating that the funds would be sourced from Deutsche Bank to finance critical components of the project.
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“Specifically, approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of $516,333,007 for the execution of Sections 1, 1A, and 1B of the Sokoto–Badagry Superhighway Project,” the president stated.
The proposed 1,000-kilometre highway is designed to link Nigeria’s North-West and South-West corridors, stretching from Illela in Sokoto State to Badagry in Lagos State, and passing through Kebbi, Niger, Kwara, Oyo, and Ogun states.
According to the president, the project is expected to enhance transportation networks, facilitate trade, and strengthen economic integration across the affected regions.
