House of Representatives approves $516.3m loan for Sokoto–Badagry Super Highway to fund key sections of major national infrastructure project
The House of Representatives has approved President Bola Tinubu’s request to secure a $516.3 million syndicated loan from Deutsche Bank AG to fund key sections of the Sokoto–Badagry Super Highway project.
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The approval followed the presentation of a report by the Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Abdullahi Rasheed, during plenary in Abuja on Tuesday, 28 April 2026.
The funding is designated for Sections 1, 1A and 1B of the project, covering about 120 kilometres of the proposed highway, which is part of the Federal Government’s wider infrastructure development plan.
President Tinubu, in his request to lawmakers, described the financing arrangement as essential to accelerating construction of the multi-billion-dollar highway aimed at improving national connectivity and easing the movement of goods across major economic corridors.
The Sokoto–Badagry Super Highway spans approximately 1,000 kilometres and is expected to connect several states, including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos, linking the northern border town of Illela to Badagry on the Atlantic coast.
The project is a major component of the administration’s Renewed Hope Agenda, with expectations that it will enhance trade, reduce travel time and improve economic integration across regions.
As part of the financing structure, the Federal Government will provide counterpart funding exceeding ₦265 billion to cover land acquisition, compensation and related infrastructure costs.
The loan arrangement includes a nine-year repayment period with a three-year grace period, and interest pegged to the Chicago Mercantile Exchange Secured Overnight Financing Rate (SOFR) plus 5.3 per cent per annum.
The Federal Executive Council had earlier approved the financing plan before its submission to the National Assembly for legislative consideration.
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Officials say the highway remains one of the flagship infrastructure projects under the current administration, expected to significantly boost interstate commerce and long-term economic growth.
