Abuja, NIGERIA — The House of Representatives has officially approved President Bola Tinubu’s request to secure a syndicated loan of $516,333,007 (approx. ₦702.2 billion) from Deutsche Bank AG.
The approval, granted during a plenary session on Tuesday, follows the presentation of a report by Abdullahi Rasheed, the Deputy Chairman of the House Committee on Aids, Loans, and Debts Management.
The financing is earmarked for the construction of critical sections of the Sokoto–Badagry Super Highway, specifically targeting Sections 1, Phase 1A, and Phase 1B of the project.
Okay News reports that the loan was secured in accordance with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, which requires legislative resolution for such international financing.
The super highway is considered a flagship initiative of the Renewed Hope Agenda, aimed at enhancing national connectivity and boosting the movement of goods across Nigeria’s key economic corridors. By significantly shrinking travel time between the North-West and the South-West, the project is expected to stimulate regional trade and industrial growth.
This legislative nod comes just one week after the President first wrote to the Senate and the House seeking the resolution. While the administration emphasizes the long-term economic benefits of the infrastructure, the approval adds to the ongoing national conversation regarding Nigeria’s rising external debt profile and the necessity of massive capital investment to modernize the country’s transport network.
