Tinubu Seeks Senate Approval For $516m Loan
President Bola Ahmed Tinubu has asked the Senate to approve a fresh loan of $516,333,070 to support ongoing infrastructure plans.
The request was sent to Senate President Godswill Akpabio and read during plenary on Thursday in Abuja. The funding is expected to come from Deutsche Bank.
The loan is tied to financing part of the approved borrowing plan for the Sokoto–Badagry 1,000 Super Highway project. The project is one of the major road developments under the current administration.
The president asked lawmakers to consider the request quickly. The goal is to speed up work on key national infrastructure.
After the letter was read, it was sent to the Senate Committee on Local and Foreign Debts for review. The committee has been directed to study the request and submit a report within one week.
Lawmakers are expected to examine the terms before making a decision. The process is part of standard legislative approval for external borrowing.
