President Bola Ahmed Tinubu has formally approached the Nigerian Senate, requesting authorization to secure a new external loan totaling $516,333,070.
The request was conveyed through an official correspondence addressed to the Senate President, Godswill Akpabio. The letter was presented and read during Thursday’s plenary session, bringing the matter before lawmakers for immediate consideration.
According to the communication, the proposed loan is expected to be sourced from Deutsche Bank. The funds are intended to support the already approved borrowing framework, specifically earmarked for the development of the Sokoto–Badagry 1,000-kilometre Super Highway project, a major infrastructure initiative aimed at boosting connectivity across key regions in Nigeria.
In his message, President Tinubu urged the Senate to treat the request with urgency, emphasizing the importance of swift legislative approval to facilitate timely execution of the project.
Following the reading of the letter, Senate President Akpabio directed the proposal to the Senate Committee on Local and Foreign Debts. The committee has been tasked with reviewing the request and submitting its findings within one week for further legislative action.
This development signals another step in the administration’s broader infrastructure financing strategy, as the government continues to pursue funding options for large-scale national projects.
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