President Bola Tinubu has written to the Senate, seeking approval for a fresh loan of $516.3m from Deutsche Bank to finance a major road infrastructure project.
The request was conveyed in a letter addressed to the Senate President, Godswill Akpabio, and read during plenary on Thursday.
According to the President, the proposed loan will be utilised for Sections 1, Phase 1a and 1b of the Sokoto–Badagry Superhighway, a strategic transport corridor expected to span about 1,000 kilometres.
He noted that the current phase of the project covers approximately 120 kilometres.
Tinubu urged the Senate to consider and approve the request without delay to facilitate timely execution of the project.
Following the presentation of the letter, the Senate President referred the request to the Senate Committee on Local and Foreign Debts for further legislative scrutiny.
The committee was directed to report back to the chamber within one week.
