The House of Representatives on Tuesday approved President Bola Tinubu’s request to secure a $516.33m syndicated loan from Deutsche Bank AG for infrastructure development.
The approval followed the consideration of a report presented at plenary in Abuja by Abdullahi Rasheed.
The facility is expected to fund portions of the proposed Sokoto–Badagry Super Highway, a major project of the Federal Government aimed at enhancing connectivity across key regions of the country.
In his communication to the National Assembly, the President stated that the loan would be applied to Sections 1, 1A and 1B of the highway project.
He noted that the funding request was specifically for a syndicated financing arrangement with Deutsche Bank to support the execution of the identified sections.
The Sokoto–Badagry Super Highway, spanning about 1,000 kilometres, is designed to connect the North-West to the South-West, traversing states including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos, from Illela to Badagry.
