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President Bola Ahmed Tinubu has formally written to the Nigerian Senate seeking approval to secure a $516.3 million external loan to finance a major infrastructure project. 
The request, read during plenary by Senate President Godswill Akpabio, is for a syndicated loan from Deutsche Bank. The funds are intended to support sections of the Sokoto–Badagry Super Highway, a flagship project under the administration’s development agenda. 
According to the President, the loan will specifically finance Sections 1, 1A, and 1B of the 1,000-kilometre highway, which is designed to connect northern and southern Nigeria—from Sokoto through states like Kebbi, Niger, Kwara, Oyo, Ogun, and ending in Lagos. The project is expected to boost economic integration, improve transport efficiency, and reduce logistics costs. 
Tinubu noted that the borrowing is already part of the Federal Government’s approved medium-term borrowing plan, and urged lawmakers to grant swift approval. The proposed facility has a nine-year tenure, including up to three years’ grace period, with interest tied to global benchmark rates. 
The Senate has since referred the request to its Committee on Local and Foreign Debts for review, with a report expected within a short timeframe. 
The move reflects the government’s continued reliance on external financing to fund large-scale infrastructure, particularly projects aimed at enhancing national connectivity and economic growth.
