According to a report by DAILY TRUST on Thursday 23rd April 2026, President Bola Tinubu has submitted a request to the Senate seeking approval for a $516.3 million loan to fund part of the Sokoto–Badagry Superhighway project.
The request was presented during Thursday’s plenary session and read by Senate President Godswill Akpabio; The loan is meant to finance Sections 1, Phase 1A and 1B of the highway, which is part of a larger 1,000-kilometre transport corridor linking Nigeria’s North-West to the South-West.
According to the proposal, the funding will be sourced through Deutsche Bank AG, with additional backing from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); The federal government will also provide counterpart funding of about ₦265 billion to cover land acquisition, compensation, and supporting infrastructure.
The loan is structured with a repayment period of nine years, including a grace period of up to three years, and an interest rate tied to SOFR plus 5.3 percent annually.
The Sokoto–Badagry Superhighway is planned to pass through several states, including Sokoto, Kebbi, Niger, Kwara, Oyo, and Ogun, before ending in Badagry, Lagos; Sokoto–Badagry Superhighway
Government officials say the project is designed to boost regional connectivity, reduce travel time, improve safety, and lower transport costs; It is also expected to enhance trade flow between production zones and major markets, while creating room for future rail and utility infrastructure along its corridor.
The Senate has referred the request to its Committee on Foreign and Local Debt, which is expected to review and report back within a week.
