President Bola Tinubu has asked the Senate to approve a fresh N698 billion loan for the construction of the Sokoto–Badagry super highway, a major infrastructure project linking northern and southern Nigeria.

Loan request before Senate

The request was conveyed in a letter read at plenary on Thursday by Senate President Godswill Akpabio.

Tinubu said the loan would fund Sections 1, Phase 1a and 1b, covering 120km of the planned 1,000km corridor.

The highway is designed to run from Illela in Sokoto State through Kebbi, Niger, Kwara, Oyo, and Ogun, terminating in Badagry, Lagos State.

Financing structure outlined

According to the president, the project will be financed through a syndicated loan to be secured via Deutsche Bank AG, with support from the Islamic Corporation for the Insurance of Investment and Export Credit.

He added that the Federal Government would provide counterpart funding of ₦265.5 billion for land acquisition, compensation, and related infrastructure.

The loan has a nine-year tenor, including a grace period of up to three years, with interest capped at CME SOFR plus 5.3 percent annually.

Project aims and expected impact

Tinubu noted that the super highway is expected to improve connectivity between the North and South, enhance road safety, and reduce logistics costs.

He also said the project would support trade, boost food security, and strengthen national cohesion by linking production zones to markets and ports.

The design includes provisions for future rail integration and utility corridors along the central median.

Senate moves to review proposal

Akpabio referred the request to the Senate Committee on Foreign and Local Debts, which is expected to report back within one week.

Senator Mohammed Adamu Aliero (Kebbi Central) backed the project, describing it as long overdue.

“This project has been on the ground for the last 55 years… I have inspected the project and I have seen the progress made,” he said.

He added that ongoing work includes both concrete and asphalt sections fitted with solar streetlights.

Aliero estimated that the road could cut travel time from Sokoto to Lagos by over 70 percent, reducing the journey from about 13 hours to roughly six hours.

The proposal is now under legislative scrutiny and remains a key issue in latest Nigerian news and breaking news Nigeria today as infrastructure financing debates continue.