US EditionNigeria: Tinubu Seeks Senate Approval for Fresh $516m Loan
Atiku said Nigeria needs transparent borrowing and warned the Senate that the new loan could deepen debt, which reached N159.28 trillion in early 2026.
- On Thursday, President Bola Tinubu asked the Senate to approve a $516.3 million loan from Deutsche Bank for the 1,000-kilometre Sokoto-Badagry Superhighway, a flagship Renewed Hope Agenda project linking Nigeria's Northwest to Southwest.
- Former Vice President Atiku Abubakar faulted the request, warning that while infrastructure development is necessary, "noble intentions cannot excuse reckless fiscal choices," and urged the National Assembly to scrutinize the proposal intensely.
- The nine-year loan includes a three-year grace period and an interest rate capped at the Chicago Mercantile Exchange SOFR plus 5.3 per cent, with Tinubu disclosing ₦265 billion in government counterpart funding.
- Senate President Godswill Akpabio referred the loan request to the Senate Committee on Local and Foreign Debts, directing the committee to report within one week as Atiku raised transparency concerns over past projects.
- Nigeria's total debt reached roughly $110.97 billion by early 2026, raising fiscal sustainability concerns, while the World Bank has advised the government to prioritize revenue mobilization over external borrowing for infrastructure.
28 Articles
28 Articles
Sokoto-Badagry Highway: Atiku blasts Tinubu over additional $516m foreign loan request
Atiku Abubakar, former Vice President, has faulted the request by President Bola Tinubu’s government for the approval of a fresh $516 million external loan to finance portions of the Sokoto–Badagry Superhighway project. In a statement on Thursday by his spokesperson, Phrank Shaibu, Atiku noted that infrastructure development—particularly one that seeks to connect the Northwest to the Southwest is necessary; however, noble intentions cannot excus…
Atiku Backs Sokoto-Badagry Highway, Tackles Tinubu On Borrowing
Former Vice-President Atiku Abubakar has expressed serious concern over the request by Bola Ahmed Tinubu for Senate approval of a fresh $516 million external loan to finance portions of the Sokoto–Badagry Superhighway project. In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku noted that infrastructure development—particularly one that seeks to connect the Northwest to the Southwest—is both necess…
Tinubu asks Senate to approve another $516.3 million loan to construct roads
Mr Tinubu said the facility would finance the construction of the Sokoto–Badagry Superhighway, a flagship project under his Renewed Hope Agenda. The post Tinubu asks Senate to approve another $516.3 million loan to construct roads appeared first on Premium Times Nigeria.
The Nigerian president is seeking parliamentary approval to begin planning and construction of the first sections of the 1,000 km Sokoto-Lagos corridor, a 4x4 highway type project. This loan from Berlin aims to open up the northwest and boost trade. Nigerian President Bola Tinubu has officially requested parliamentary approval to take out an external loan of $516 million. The request, read before the Senate on Thursday, April 23, by the Speaker …
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