President Bola Tinubu has requested Senate approval for a $516.3 million external loan from Deutsche Bank to finance key sections of the 1,000-kilometre Sokoto–Badagry Superhighway infrastructure project.
President Bola Tinubu has formally requested the Senate to approve a fresh external borrowing of $516,333,070 aimed at funding critical sections of the proposed Sokoto–Badagry Superhighway. In a letter addressed to Senate President Godswill Akpabio and read during plenary on Thursday, April 23, 2026, the President explained that the loan, to be sourced from Deutsche Bank, is essential for the construction of Sections 1, 1A, and 1B of the 1,000-kilometre project. This flagship initiative under the Renewed Hope Agenda is designed to link Nigeria’s North-West to the South-West corridor, traversing Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states.
The President’s communication emphasized the strategic economic value of the highway, noting its potential to reduce travel times and logistics costs while boosting food security. The letter stated, “Specifically, approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of US$516,333,007 for the execution of Sections 1, 1A, and 1B of the Sokoto–Badagry Superhighway Project. The inclusion of the said financing in the Federal Government’s borrowing plan, as earlier approved by the National Assembly. The Senate is invited to note that the Sokoto–Badagry Superhighway is a flagship infrastructure initiative under the Renewed Hope Agenda.” According to the President, the high-capacity carriageway will stretch from Illela to Badagry, serving as a primary artery for national integration and trade.
Addressing the technical and financial structure of the deal, President Tinubu disclosed that the loan features a nine-year tenure with a three-year grace period and is backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit. He further clarified, “The project is designed to open up Nigeria’s northwest–southwest economic corridor through the construction of an approximately 1,000-kilometre high-capacity carriageway, linking Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos States, stretching from Illela to Badagry. It is also expected to enhance north–south connectivity and road safety, improve network performance along the corridor, reduce logistics costs and travel time, facilitate trade and strengthen food security and promote national integration by linking production zones to markets and ports.” Alongside the external debt, the Federal Government has committed ₦265.5bn in counterpart funding for land acquisition and compensation. Following the reading, the request was referred to the Senate Committee on Local and Foreign Debts for further legislative action.