Senate Approves $516m Loan for Highway Project
Last update: April 29, 2026
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Senate approves $516m loan for Sokoto–Badagry superhighway as Tinubu secures approval...
The Nigerian Senate on Wednesday approved a $516 million loan request by President Bola Tinubu to fund part of the Sokoto–Badagry Superhighway project.
CBI News reports that the approval followed the consideration of a report presented during plenary by the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wamakko.
Tinubu had earlier written to the Senate seeking approval for the loan, explaining that the project is a 1,000-kilometre flagship highway designed to connect Nigeria’s North-West to the South-West.
According to the proposal, the road will run from Illela in Sokoto State through Kebbi, Niger, Kwara, Oyo and Ogun states, terminating in Badagry, Lagos State.
The loan will fund Sections 1, Phase 1a and 1b, covering about 120 kilometres of the corridor.
The President stated that the project would be financed through a syndicated loan from Deutsche Bank AG, supported by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.
During deliberations, lawmakers emphasised the strategic importance of the project.
Senator Tahir Monguno noted that the highway would connect multiple geopolitical zones and significantly reduce travel time between northern and southern Nigeria.
Senate President Godswill Akpabio explained that an earlier $5 million loan request approved by the Senate could not be accessed due to challenges linked to financing arrangements in Abu Dhabi.
He noted that the arrangement stalled amid escalating conflict in the region, prompting the Federal Government to seek alternative funding sources.
Beyond improving transportation, lawmakers said the Sokoto–Badagry Superhighway is expected to boost agricultural productivity by enhancing access to markets, supporting dam development and strengthening the agricultural value chain.
The Senate’s approval is expected to be transmitted to the President for final action, following earlier concurrence by the House of Representatives.
