President Bola Tinubu has requested approval from the Senate for a $516.33 million foreign loan to help fund key sections of the proposed Sokoto–Badagry Superhighway, a major infrastructure project under his administration’s Renewed Hope agenda.
The request was presented during a Senate plenary session, where lawmakers were informed that the financing would support Sections 1, 1A, and 1B of the long highway project. The funding arrangement is expected to come through a syndicated loan facility involving Deutsche Bank, alongside other financing partners.
The planned 1,000-kilometre highway is designed to link Sokoto State in the northwest to Badagry in Lagos State, passing through several states including Kebbi, Niger, Kwara, Oyo, and Ogun. According to the president, the project is intended to improve national connectivity, reduce transportation costs, and boost economic activities across regions.
He explained that the highway would help strengthen food distribution systems, improve trade flow, and enhance access between production hubs and major markets, ultimately supporting economic integration nationwide. The financing model also includes guarantees from international insurance institutions to ensure risk coverage.
The federal government is also expected to contribute counterpart funding for land acquisition and related infrastructure needs. The loan repayment terms include a multi-year tenure with a grace period and interest linked to global benchmark rates.
Following the submission, the Senate referred the request to its Committee on Local and Foreign Debts for detailed review, with a report expected within one week. Some lawmakers described the project as a long-awaited development that could significantly improve transportation efficiency and economic growth.
Senate leadership expressed support for the initiative, emphasizing that infrastructure borrowing is justified when it drives long-term national development and economic returns.
