The Nigerian Senate has approved a $516 million syndicated loan request by President Bola Tinubu to fund the construction of Section 1, Phases 1A and 1B of the Sokoto–Badagry Super Highway.
The approval was made on Tuesday during plenary following the consideration of a report presented by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko.
The committee recommended that the financing, arranged through Deutsche Bank AG, be included in the Federal Government’s borrowing plan.
According to the report, the facility is backed by a partial guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit and has a nine-year repayment structure, including a three-year grace period.
The lawmakers stressed the strategic importance of the project, noting its potential to improve national connectivity and ease transportation between northern and southern Nigeria.
Senator Tahir Monguno said the highway would link three geopolitical zones and significantly reduce travel time across major economic corridors.
Senate President Godswill Akpabio explained that earlier financing arrangements for the project had stalled due to regional instability, making the new loan necessary to sustain progress.
He added that securing alternative funding would help accelerate infrastructure development under the current administration.
The 1,000-kilometre highway is expected to connect Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, running from Illela to Badagry.
President Tinubu had earlier, on Thursday, April 23, 2026, formally requested Senate approval for the loan under provisions of the Debt Management Office Act.
He described the project as a flagship initiative under his administration’s Renewed Hope Agenda, aimed at boosting trade, reducing travel time, and improving movement of goods across key economic zones.
The financing structure includes counterpart funding of over N265 billion for land acquisition, compensation, and related infrastructure.
The Senate’s approval followed a similar endorsement by the House of Representatives earlier in the week, clearing the way for final executive action.
