Members of the House of Representatives during plenary
The House of Representatives Nigeria has approved a request by Bola Tinubu to secure 516 million dollars in syndicated financing for infrastructure development.
Lawmakers granted the approval during plenary after reviewing a report presented by Abdullahi Rasheed, Deputy Chairman of the House Committee on Aids, Loans and Debt Management.
Loan Targets Key Highway Sections
The government will channel the funds into critical sections of the Sokoto–Badagry Superhighway project.
In a formal communication to the National Assembly, the President said the financing would cover Sections 1, 1A and 1B of the project.
“Approval is sought for the syndicated financing facility for the execution of Sections 1, 1A, and 1B of the Sokoto–Badagry Superhighway Project,” Tinubu stated.
Strategic Corridor to Link North and South
The proposed 1,000-kilometre highway will connect Nigeria’s North-West and South-West regions, passing through states including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos.
Officials say the road will serve as a major economic corridor, improving connectivity between key commercial hubs.
Boost for Trade and Economic Integration
The government expects the project to ease the movement of goods and services, reduce travel time and strengthen regional trade.
President Bola Tinubu had earlier asked asked the National Assembly to approve a $516 billion financing request for the Sokoto–Badagry Superhighway project.
Concerns Over Rising Debt Profile
While the project promises economic benefits, the loan approval adds to Nigeria’s growing debt profile, raising concerns about sustainability and repayment capacity.
Observers say authorities must ensure transparency, efficient project execution and measurable economic returns.
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