By Paul Joseph
The House of Representatives has approved President Bola Ahmed Tinubu’s request to secure a $516,333,007 syndicated loan from Deutsche Bank AG for major infrastructure development in Nigeria.
The approval was granted on Tuesday during plenary in Abuja following the presentation of a report by the Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Rep. Abdullahi Rasheed.
The facility is intended to fund critical sections of the proposed Sokoto–Badagry Superhighway, a flagship infrastructure project under the Tinubu administration aimed at improving national connectivity and economic integration.
President Tinubu had earlier written to the National Assembly seeking approval for the external financing, explaining that the funds would be sourced through Deutsche Bank to execute key segments of the project.
“Specifically, approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of $516,333,007 for the execution of Sections 1, 1A, and 1B of the Sokoto–Badagry Superhighway Project,” the President stated in his request.
The proposed 1,000-kilometre highway is designed to link Nigeria’s North-West and South-West regions, stretching from Illela in Sokoto State to Badagry in Lagos State, while passing through Kebbi, Niger, Kwara, Oyo, and Ogun States.
According to the Federal Government, the project is expected to improve transportation efficiency, boost interstate trade, and strengthen economic activities across the affected corridors.
Lawmakers who supported the approval described the project as a strategic investment in national infrastructure that would enhance long-term development and regional integration.
However, the loan approval comes amid ongoing public debate over Nigeria’s rising debt profile, with stakeholders continuing to scrutinize the country’s borrowing strategy and repayment capacity.
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