JamzNG Latest News, Gist, Entertainment in Nigeria
Nigeria’s House of Representatives has given the green light to President Bola Ahmed Tinubu’s $516,333,007 loan request, paving the way for new funding to support major infrastructure developments.
The approval, given at a plenary session on Tuesday in Abuja, followed consideration of a report submitted by Abdullahi Rasheed, Deputy Chairman of the House Committee on Aid, Loans and Debt Management, according to Channels Television.
The financing arrangement, which will be sourced from Deutsche Bank AG, is earmarked for key segments of the proposed Sokoto–Badagry Superhighway—one of the current administration’s flagship infrastructure initiatives aimed at improving national connectivity.
In previous correspondence with the National Assembly, President Tinubu had requested legislative support for the facility, outlining the aim of using it to advance key parts of the ambitious highway project.
READ ALSO: Army denies claims of torture at Sokoto facility, orders investigation into soldier’s death
“In particular, approval is being sought for a syndicated financing facility from Deutsche Bank amounting to US$ 516,333,007 for the implementation of Sections 1, 1A and 1B of the Sokoto–Badagry Highway Project,” said the President.
The planned 1,000-kilometre highway is designed to create a strategic transport corridor connecting the North West to the South West, across states including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos, stretching from Illela to Badagry.
According to the President, this project is expected to significantly improve connectivity, facilitate trade and encourage economic integration across the affected regions.
