President Bola Ahmed Tinubu has asked the Senate to approve a 516 million dollars loan to fund part of the Sokoto–Badagry Superhighway project. The request was presented in a letter read during plenary on Thursday.
The President says the loan, to be secured through Deutsche Bank, will finance Sections One, Phase One A and One B of the project, covering 120 kilometres of the planned 1,000-kilometre highway. The route is expected to link Illela in Sokoto State to Badagry in Lagos, passing through several states.
According to the proposal, the Federal Government will provide over 265 billion naira as counterpart funding for land acquisition and related infrastructure. The loan has a nine-year tenor, including a three-year grace period, with interest tied to international benchmark rates.
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The Senate President, Godswill Akpabio, has referred the request to the Committee on Foreign and Local Debts for review, with a report expected within one week.
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