House Of Reps Approves $516 Million Loan For Sokoto–Badagry Superhighway

The House of Representatives has approved a $516,333,007 syndicated financing facility from Deutsche Bank AG for the construction of the Sokoto–Badagry Superhighway.

The request followed a letter earlier transmitted by President Bola Tinubu and read on the floor by the Speaker, Abbas Tajudeen.

The proposed 1,000-kilometre high-capacity highway will connect Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, stretching from Illela in Sokoto state to Badagry.

The project is expected to boost connectivity between the North-West and South-West, opening up a major economic corridor. It will also reduce logistics costs and enhance trade and food security.

The president noted that the loan is already captured in the Federal Government’s borrowing plan approved by the National Assembly.

The financing arrangement includes a nine-year tenor with a three-year grace period, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit. The Federal Government is also expected to provide over 265-billion naira as counterpart funding for land acquisition and related infrastructure.