The Senate has approved President Bola Tinubu’s request for a $516 million syndicated loan to finance Section 1, Phases 1A and 1B of the Sokoto–Badagry Superhighway.
The approval followed the adoption of a report by the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko, recommending that the facility, arranged through Deutsche Bank, be included in the Federal Government’s borrowing plan.
According to the committee, the loan has a nine-year tenure, including a grace period of up to three years, and is partially guaranteed by the Islamic Corporation for the Insurance of Investment and Export Credit.
During deliberations, lawmakers underscored the project’s strategic value. Tahir Monguno noted that the highway would link three geopolitical zones and reduce travel time between northern and southern Nigeria.
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Senate President Godswill Akpabio explained that an earlier $5 million facility had stalled due to instability in Abu Dhabi, limiting access to the funds. He added that sourcing alternative financing would fast-track development.
Lawmakers also highlighted the project’s potential to enhance agricultural productivity by improving market access, supporting dam infrastructure, and strengthening the value chain.
The Senate’s resolution is expected to be transmitted to the President for final action.