The Nigerian Senate on Wednesday approved a $516 million syndicated loan request submitted by President Bola Tinubu to finance the construction of Section 1, Phases 1A and 1B of the Sokoto–Badagry Super Highway
The approval followed the presentation and consideration of a report by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, during plenary.
The committee recommended that the facility, arranged through Deutsche Bank AG, be included in the Federal Government’s external borrowing plan.
It also noted that the loan comes with a partial guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), with a repayment tenor of nine years and a grace period of up to three years.
During debate, lawmakers emphasized the importance of the project, describing it as a major infrastructure development with national significance.
Senator Tahir Monguno said the highway would link three geopolitical zones and ease transportation between northern and southern Nigeria, significantly reducing travel time.
Senate President Godswill Akpabio also noted that an earlier borrowing request tied to a $5 million facility had been affected by geopolitical tensions, which stalled access to funds arranged through Abu Dhabi.
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MTCHEWS