Nigerian Senate Approves $516m Loan for Sokoto–Badagry Highway as Bola Ahmed Tinubu Secures Funding Boost

Nigeria’s Senate has approved a $516.3 million loan request by President Bola Ahmed Tinubu to support the execution of the Sokoto–Badagry Superhighway project, describing the facility as critical to avoiding delays in the ambitious infrastructure plan. 

The loan, secured through Deutsche Bank AG, is expected to serve as an alternative financing arrangement after an earlier funding package from a Middle Eastern bank stalled due to geopolitical tensions linked to the Iran conflict. 

Lawmakers, while deliberating during plenary, expressed confidence that the Sokoto–Badagry highway project would significantly reduce travel time between northern and southern Nigeria, thereby boosting trade, mobility, and economic activities along the corridor. 

The 1,000-kilometre highway will stretch from Illela in Sokoto State through Kebbi, Niger, Kwara, Oyo, and Ogun states, terminating in Badagry, Lagos. The project is widely seen as a strategic route aimed at improving connectivity between key production zones and major markets. 

In addition to approving the loan, the Senate also confirmed several presidential appointees, including Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria. 

Meanwhile, President Tinubu has communicated his decision to decline assent to the NIMC bill, citing structural defects and other concerns that require legislative review. 

The approval of the $516m loan for the Sokoto–Badagry highway marks a major step forward in the federal government’s infrastructure agenda, as authorities seek to drive economic growth through improved transportation networks.