The House of Representatives has approved President Bola Tinubu’s request to borrow 516.3 million dollars from Deutsche Bank to fund sections of the Sokoto–Badagry Super Highway. The approval was granted during plenary on Tuesday in Abuja following the presentation of a report by the House Committee on Aids, Loans and Debt Management.
The loan will finance sections 1, 1A and 1B of the project, covering about 120 kilometres of the planned 1,000-kilometre highway linking Sokoto to Badagry. The project is aimed at improving connectivity and facilitating the movement of goods across key economic corridors.
President Tinubu said the financing will come through a syndicated facility backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit. He added that the Federal Government will provide over 265 billion naira as counterpart funding for land acquisition and related infrastructure.
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The loan is structured over nine years with a three-year grace period and an interest rate tied to the Chicago Mercantile Exchange SOFR plus 5.3 percent. The Federal Executive Council had earlier approved the financing plan.
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