Lawmakers at the House of Representatives
The House of Representatives has approved President Bola Tinubu’s request to secure a $516.3 million syndicated loan from Deutsche Bank AG.
The approval was granted during plenary on Tuesday in Abuja following the presentation of a report by Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Abdullahi Rasheed.
The facility is earmarked for the construction of Sections 1, 1A, and 1B of the Sokoto–Badagry Super Highway, covering about 120 kilometres.
In his request, President Tinubu explained that the financing would be sourced through a syndicated arrangement with Deutsche Bank to support the key infrastructure project.
The 1,000-kilometre highway, a flagship of the Renewed Hope Agenda, is designed to connect several states including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos, improving trade flow and reducing travel time.
The financing package is backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), alongside over ₦265 billion in federal counterpart funding for land acquisition and related costs.
The loan is structured over nine years with a three-year grace period, carrying an interest rate of SOFR plus 5.3 percent annually, and has already received Federal Executive Council approval.
