Tinubu Seeks Senate Approval For $516m Loan
President Bola Ahmed Tinubu has formally approached the Nigerian Senate for approval to secure a fresh loan of $516,333,070.
The request was contained in a letter addressed to Senate President Godswill Akpabio and read during Thursday’s plenary session. According to the President, the loan is expected to be sourced from Deutsche Bank.
Tinubu explained that the funds will be used to support the already approved borrowing plan tied to the Sokoto–Badagry 1,000km Super Highway project, a major infrastructure initiative aimed at boosting connectivity across the country.
He urged the Senate to grant speedy approval for the facility to ensure timely execution of the project.
Following the reading of the letter, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further legislative review, with a directive to report back within one week.
