Tinubu Seeks Senate Approval for $516.3m Deutsche Bank Loan for Sokoto-Badagry Highway

President Bola Tinubu has asked the Senate to approve a $516.3 million loan from Deutsche Bank to fund Sections 1, Phase 1a and 1b of the Sokoto–Badagry Superhighway. The request was made in a letter read during Thursday's plenary session and referred to the Senate Committee on Local and Foreign Debts, which must report back in one week. The loan targets 120 kilometres of the planned 1,000-kilometre transnational corridor connecting northwestern Sokoto to Lagos State's Badagry.

This matters because it adds to Nigeria's external debt profile while promising to improve a key trade route that could lower transport costs for farmers, manufacturers, and consumers across multiple states. Critics warn that without transparent project management and revenue guarantees, such loans can strain public finances, while supporters argue the highway will boost regional integration and economic activity.

The Senate's decision will determine whether the project moves forward immediately or faces further legislative scrutiny. Citizens should monitor the committee's report for details on interest rates, repayment terms, and oversight mechanisms, and consider whether the expected development benefits justify the additional borrowing given current debt sustainability concerns.

SOURCE: https://dailypost.ng/2026/04/23/tinubu-seeks-senates-approval-for-fresh-516-3m-loan/