The House of Representatives has approved President Bola Tinubu’s request to secure a $516.3 million syndicated loan from Deutsche Bank AG to fund parts of the Sokoto–Badagry Super Highway project.
The approval was granted during plenary in Abuja following the presentation of a report by the House Committee on Aids, Loans, and Debt Management.
According to the president’s request, the loan will finance Sections 1, 1A, and 1B of the project, covering about 120 kilometres of the proposed 1,000-kilometre highway linking Sokoto to Badagry.
The project, a key component of the administration’s Renewed Hope Agenda, is aimed at improving national connectivity, reducing travel time, and enhancing the movement of goods across major economic corridors.
The financing arrangement will be backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit, while the Federal Government will provide over ₦265 billion in counterpart funding for land acquisition, compensation, and related infrastructure.
The loan is structured over a nine-year period, including a three-year grace period, with an interest rate tied to the Chicago Mercantile Exchange SOFR plus 5.3 percent annually.
The Federal Executive Council had earlier approved the financing plan before it was forwarded to the National Assembly for legislative approval.
