House of Representatives approves Tinubu’s new loan request

The House of Representatives has approved the $516.3 million syndicated loan requested by President Bola Ahmed Tinubu to finance Section 1 (Phase 1A and 1B) of the Sokoto-Badagry Expressway project.

The president had explained that the financing would be provided by Deutsche Bank AG, as part of the government’s lending plan.

The approval came in the plenary on Tuesday through the adoption of the report of the House Committee on Aid, Loans and Debt Management.

Presenting the report, the Chairman of the Commission, Hon Abubakar Hassan Nalaraba urged members to approve the funding request for the 120 kilometer stretch of the project.

Previously, a member of the committee, Abdullahi El-Rashid, who represents Dukku/Nafada federal constituency in Gombe State, made the motion for consideration of the report, underlining the strategic importance of the path towards national economic integration.

The House, in the Committee of Supply, subsequently considered and approved the committee’s recommendations.