Tinubu $516m Superhighway loan seeks Senate approval to fund Sokoto to Badagry road linking key economic zones across Nigeria
President Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, formally sought the approval of the Nigerian Senate for a $516.3 million loan to finance part of the Sokoto-Badagry Superhighway project, a sweeping infrastructure plan aimed at improving national connectivity and economic integration.
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The request was presented in a letter addressed to Senate President Godswill Akpabio during plenary and subsequently read on the floor of the upper chamber.
The proposed facility forms part of the wider Tinubu $516m Superhighway loan arrangement intended to accelerate construction of the strategic road corridor.
President Tinubu described the project as a flagship 1,000-kilometre highway designed to link the North West and South West regions of Nigeria.
The route will pass through Sokoto, Kebbi, Niger, Kwara, Oyo and Ogun States before terminating in Badagry, Lagos State.
According to the proposal, the requested funds will be deployed specifically to Sections 1, Phase 1a and 1b of the project, covering approximately 120 kilometres of the corridor.
The President noted that the financing structure involves a syndicated loan from Deutsche Bank AG, supported by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.
A further ₦265.5 billion counterpart funding will be provided by the Federal Government to cover land acquisition, compensation and associated infrastructure requirements.
The arrangement has already received approval from the Federal Executive Council, which recommended its inclusion in the national borrowing framework.
The Tinubu $516m Superhighway loan carries a nine year tenure, including a grace period of up to three years, with interest pegged at the Chicago Mercantile Exchange SOFR plus 5.3 per cent annually.
The President argued that the financing would deliver a transformative impact on transport efficiency, trade flow and national cohesion.
Senate President Godswill Akpabio referred the request to the Senate Committee on Foreign and Local Debts, directing the panel to report back within one week for further legislative consideration.
During deliberations, Senator Mohammed Adamu Aliero described the project as long overdue and expressed optimism about its potential benefits.
He said construction progress already observed on sections of the highway was encouraging, noting that the road will feature concrete and asphalt surfaces as well as solar powered street lighting.
Senator Aliero further stated that the highway could significantly reduce travel time between Sokoto and Lagos from approximately 13 hours to about six hours, describing the development as a “powerful shift” for commerce and mobility.
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If approved, the project is expected to strengthen transport links across major agricultural and commercial corridors, while also supporting future rail and utility infrastructure along the route.
