President Bola Tinubu has sought the Senate’s approval for a new $516.3 million loan from Deutsche Bank to support a major road project.
The request from Tinubu was conveyed in a letter addressed to Senate President Godswill Akpabio and read during plenary on Thursday.
According to the letter, the loan is intended to finance Sections 1, Phase 1a and 1b of the Sokoto–Badagry Superhighway—an important transport corridor projected to span about 1,000 kilometres, with the current phase covering 120 kilometres.
Tinubu appealed to the Senate to consider the request promptly.
Following the presentation of the letter, Akpabio referred it to the Senate Committee on Local and Foreign Debts for further review, directing the committee to submit its report within one week.
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