Senate approves Tinubu’s $516 million loan for Sokoto-Badagry Expressway – THIS END

By Victor Osula, Abuja

The Senate on Wednesday approved President Bola Tinubu’s request for a $516 million syndicated loan from Deutsche Bank AG for the construction of critical sections of the proposed Sokoto-Badagry expressway.

The approval was granted during the plenary chaired by the Senate President, Godswill Akpabio, following consideration of the presidential request for external funding to support the execution of Sections 1, 1A and 1B of the ambitious highway project.

The Senate approval came just 24 hours after the House of Representatives also authorized the syndicated funding of $516,333,007 requested by the federal government for the same project.

The request was part of a letter earlier forwarded to the National Assembly by President Tinubu and read during plenary sessions of both houses of the legislature.

In the correspondence, the president explained that the Deutsche Bank financing agreement was necessary for the construction of key parts of the highway project, which the administration considers strategic for national economic integration and infrastructure expansion.

“Approval is sought for syndicated financing from Deutsche Bank in the total amount of $516,333,007 for the construction of Sections 1, 1A and 1B of the Sokoto-Badagry Expressway Project,” the President said in the letter.

During plenary deliberations, senators highlighted the economic and developmental significance of the project, stressing that improving transportation infrastructure remains critical to national growth, trade facilitation and regional connectivity.

The lawmakers also highlighted the strategic importance of the proposed highway in connecting major commercial, agricultural and industrial corridors across the country while facilitating the movement of goods and passengers.

The proposed 1,000 kilometer Sokoto-Badagry Expressway will stretch from Illela in Sokoto State to Badagry in Lagos State, crossing Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos states.

Once completed, the high-capacity road corridor is expected to become one of the largest highway infrastructure projects in Nigeria, with the federal government predicting it will significantly reduce travel times and improve interstate transport

Government officials have consistently described the project as a transformative economic corridor aimed at strengthening regional integration, supporting agricultural supply chains and boosting trade activities between northern and southern Nigeria.

Stakeholders in the transportation, logistics and construction sectors say the highway could unlock important economic opportunities for communities located along the route by attracting investment, improving access to markets and spurring industrial development.

Analysts also believe the project could improve the movement of goods, support export activities and reduce pressure on existing federal highways, which are burdened by heavy traffic and deteriorating infrastructure.

The project is expected to create thousands of direct and indirect jobs during construction, while supporting broader economic activities related to trade, manufacturing, agriculture and services.

Wednesday’s approval by the Senate represents another significant legislative milestone for the project and paves the way for the federal government to enter into financing agreements with Deutsche Bank and the union’s associated partners.

The Tinubu administration has repeatedly maintained that large-scale infrastructure investments remain central to its economic reform agenda, with a focus on modernizing transportation systems, improving connectivity and promoting long-term national development.

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