President Bola Tinubu’s request for the National Assembly to approve a $516.3 million loan in syndicated financing from Deutsche Bank has been passed by the House of Representatives.
The loan request, which the President says is for the construction of the Sokoto-Badagry Super Highway Project, spanning about 120 kilometres was formally read on the floor of the House by the Speaker, Tajudeen Abbas at the resumption of plenary proceedings.
Chairman of the House Committee on Aids, Loans and Debts Management, Abubakar Nalaraba thereafter laid the report for consideration.
President Tinubu, in his letter, described the Sokoto-Badagry Super Highway as a flagship project under the Renewed Hope Agenda, aimed at opening up Nigeria’s North-South corridor with the construction of about 1,000 kilometres of inland dual carriageway linking Kebbi, Niger, Kwara, Oyo, Ogun and Lagos States.
The loan has a tenor of nine years, including a grace period of up to three years, with an interest rate capped at CME SOFR plus 5.3%.
(Editor: Terverr Tyav)
