President Bola Tinubu has asked the Senate to approve a $516.33 million foreign loan to accelerate construction of the Sokoto–Badagry Superhighway, a flagship project under his Renewed Hope Agenda.
The request, conveyed in a letter read on the Senate floor, seeks approval for a syndicated loan to fund Sections 1, 1A, and 1B of the project, in line with the Debt Management Office (Establishment) Act, 2011. The facility, expected from Deutsche Bank, is also slated for inclusion in the federal government’s borrowing plan already cleared by lawmakers.
Tinubu described the 1,000-kilometre highway—linking Illela in Sokoto State to Badagry in Lagos—as a critical economic corridor spanning Kebbi, Niger, Kwara, Oyo, and Ogun states.
He said the project would boost connectivity, cut transport costs, and ease the movement of agricultural and industrial goods nationwide.
“The corridor will strengthen food security, expand trade, and deepen national integration by linking production centres to key markets and export routes,” the president said.
The financing plan includes a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit, which Tinubu said aligns with the government’s fiscal responsibility framework.
The federal government will also provide N265.54 billion as counterpart funding for land acquisition, compensation, and related infrastructure.
The loan carries a nine-year tenure, including a three-year grace period, with interest pegged to the Secured Overnight Financing Rate (SOFR) plus 5.3 percent.
The Senate has referred the request to its Committee on Local and Foreign Debts, directing it to report back within one week.
Backing the proposal, Senator Adamu Aliero said the long-delayed project is finally gaining traction, noting that sections are already under construction using modern materials and solar-powered lighting.
He added that the highway could slash travel time between Sokoto and Lagos from about 13 hours to six, delivering a major boost to trade and logistics.
Senate President Godswill Akpabio also threw his weight behind the plan, describing it as a transformative investment.
“This is not just a road—it is an economic lifeline that will create jobs, save lives, and drive productivity,” Akpabio said.
He defended the move to borrow, stressing that strategic infrastructure financing is justified when it delivers long-term economic returns.
The Senate leadership has ordered a fast-track review, signaling strong backing for a project widely seen as a potential game changer for Nigeria’s economy.
