Nigerian President Bola Tinubu has formally asked the Nigerian Senate to approve a fresh external loan of $516,333,070 for the construction of Sections 1, 1A, and 1B of the proposed Sokoto–Badagry Superhighway.
The request was contained in a letter read during Senate plenary on Thursday, April 23, 2026, by Senate President Godswill Akpabio. The syndicated financing facility is to be arranged through Deutsche Bank, with the loan forming part of the government’s medium-term borrowing plan.
According to the letter, the nine-year facility includes up to three years of grace period. It is backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank.
The Federal Government plans to provide counterpart funding of approximately ₦265.54 billion to cover land acquisition, compensation, and related infrastructure.
The Sokoto–Badagry Superhighway is a flagship infrastructure project spanning roughly 1,000 kilometres. It aims to create a major transport corridor linking Nigeria’s northwest and southwest regions, passing through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states—from Illela in Sokoto to Badagry in Lagos.
The specific sections targeted in this financing round cover about 120 kilometres and are expected to improve road connectivity, enhance safety, reduce logistics costs, boost trade, and stimulate economic activities along the route.President Tinubu stated that the financing arrangement had already received approval from the Federal Executive Council. He urged the Senate to grant the necessary approval and incorporate the loan into the already-approved borrowing plan, in line with relevant provisions of the Debt Management Office (Establishment) Act, 2011.
Following the reading of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts, directing the committee to report back within one week for further legislative consideration.
This latest borrowing request comes amid ongoing discussions about Nigeria’s debt profile and the administration’s push to deliver critical infrastructure under the Renewed Hope Agenda.
Proponents argue that improved transport networks are essential for national development, while critics often highlight the need for careful debt management and efficient project execution.The Senate is expected to deliberate on the matter in the coming days.
