President Bola Ahmed Tinubu has formally requested approval from the Senate for a $516 million external loan to fund key sections of the proposed Sokoto–Badagry Superhighway—one of the flagship infrastructure projects under his administration.
The request, conveyed in a letter to Senate President Godswill Akpabio and presented during plenary, outlines plans to secure financing from Deutsche Bank. The funds will be used to construct Sections 1, 1A, and 1B of the ambitious 1,000-kilometre highway.
According to the President, the project aims to connect Nigeria’s North-West to the South-West, passing through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states—from Illela to Badagry. It is expected to significantly improve transportation, boost trade, reduce travel time, and strengthen economic ties across regions.
Tinubu noted that the financing plan includes a syndicated loan backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit, while the Federal Government will contribute ₦265.5 billion as counterpart funding for land acquisition and related costs.
The loan is structured to run for nine years, including a three-year grace period, with interest tied to the SOFR benchmark plus 5.3 percent annually. The President also confirmed that the Federal Executive Council has already approved the arrangement.
Lawmakers in the Senate highlighted the economic importance of the project, noting that it could cut travel time between Sokoto and Lagos from about 13 hours to roughly six hours, while improving logistics and road safety.
Akpabio described the superhighway as a transformative initiative capable of boosting productivity and saving lives, stressing that strategic borrowing for infrastructure can deliver long-term economic gains.
The request has now been referred to the Senate Committee on Local and Foreign Debts for review, with a directive to report back within one week for further legislative action.