By Muhammed Abubakar, Reporting
PRESIDENT Bola Ahmed Tinubu has formally requested the National Assembly’s approval for a foreign loan totalling $516,333,007 to fund the construction of the long-awaited Sokoto-Badagry Superhighway Project.
In a letter addressed to Senate President Godswill Akpabio and read during Thursday’s plenary, Mr Tinubu urged lawmakers to endorse the proposed syndicated loan facility, which is to be arranged through Deutsche Bank AG. The financing will support the execution of Sections 1, 1A, and 1B of the superhighway, covering approximately 120 kilometres.
The official communication cited Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, as the legal basis for the request. The President also sought inclusion of the facility in the Federal Government’s borrowing plan, as previously approved by the National Assembly.
Described as a flagship infrastructure initiative under the administration’s Renewed Hope Agenda, the approximately 1,000-kilometre high-capacity carriageway will link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos States — stretching from Illela to Badagry.
According to the presidency, the project is expected to enhance north–south connectivity, improve road safety, reduce logistics costs and travel time, facilitate trade, strengthen food security, and promote national integration by linking production zones to markets and ports. It also provides for future rail integration and utility corridors.
The loan, which carries a tenure of nine years including a three-year grace period, will attract an interest rate not exceeding the Chicago Mercantile Exchange (CME) SOFR plus 5.3 per cent per annum. A partial risk guarantee will be provided by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank.
The Federal Government will provide counterpart funding of ₦265,542,689,569 to cover land acquisition, compensation, and ancillary infrastructure. The Federal Executive Council has already approved the financing arrangement.
Following the presentation, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts, with a directive to report back within one week.
Contributing to the debate, Senator Adamu Aliero commended the President for reviving a project that had remained on the drawing board for over five decades. He revealed that significant sections of the superhighway — constructed with reinforced concrete and equipped with solar-powered street lighting — are already taking shape.
Senator Aliero noted that the road passes through multiple states and would slash travel time between Sokoto and Lagos from roughly 13 hours to about six hours. He described the initiative as transformative for the northwest, north-central, and southwest regions and urged colleagues to back the committee’s report once presented.
In his remarks, Mr Akpabio aligned with the senator, calling the project a major economic game changer capable of saving lives and boosting national productivity. He argued that borrowing for critical infrastructure is justified when such investments yield long-term economic benefits and can facilitate repayment through generated value.
The Senate leadership has urged the committee to expedite its review for timely consideration and approval.
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