President Bola Tinubu has formally approached the Senate for approval to secure a fresh $516,333,070 loan to support infrastructure development.
The request, contained in a letter addressed to Senate President Godswill Akpabio and read during Thursday’s plenary, indicates that the funds are to be sourced from Deutsche Bank. The loan is intended to finance the already approved borrowing plan tied to the Sokoto–Badagry 1,000km Super Highway project.
In the correspondence, President Tinubu urged lawmakers to fast-track consideration and approval of the request to ensure timely execution of the project.
Following the presentation, Akpabio referred the proposal to the Senate Committee on Local and Foreign Debts for review, directing the panel to report back within one week for further legislative action.