US EditionNigeria: Lawmakers Approve Tinubu's $516m Loan Request for Road Project
Lawmakers also ordered quarterly oversight reports and strict procurement checks as the project advances under the federal borrowing plan.
- On Tuesday, the House of Representatives approved President Bola Tinubu's request to secure a $516.3 million external loan for constructing sections of the Sokoto-Badagry superhighway.
- The proposed 1,068 km highway links Illela in Sokoto State to Badagry in Lagos State, aiming to improve connectivity between the North-west and South-west regions and open a major economic corridor.
- Presenting the committee report on Tuesday, House Committee on Aids, Loans and Debt Management Deputy Chairman Abdullahi El-Rasheed urged lawmakers to approve financing for a 120-kilometre stretch of the road.
- Lawmakers mandated quarterly reports from the Federal Ministry of Finance and the Federal Ministry of Works on disbursement, with financing agreements due to the National Assembly within 30 days of financial close.
- This approval occurs amid growing concerns over Nigeria's debt profile, which exceeded about $113 billion by mid-2023, as the federal government increasingly relies on external loans for critical infrastructure.
18 Articles
18 Articles
BREAKING: Reps approve Tinubu’s $516m loan request
The House of Representatives has approved the request of President Bola Tinubu to borrow $516,333,007 foreign loan. The fund is expected to support the construction of some sections of the Sokoto-Badagry superhighway. The House approved the request during Tuesday’s plenary after the presentation of a report by Deputy Chairman of the Committee on Aids, Loans, and Debts Management, Abdullahi Rasheed. DAILY POST had reported that President Tinubu r…
“We’ll continue to borrow, it’s not leprosy" - Tinubu defends government loan policy
GistReel President Bola Ahmed Tinubu has defended his administration’s decision to continue borrowing, insisting that debt is necessary for national development. Speaking during a recent engagement with stakeholders, the President said his government will not hesitate to take loans as long as they are used for productive projects that benefit the country. “If we have to borrow money, we will, because borrowing is not leprosy; we just have to wor…
Nigeria Approves Significant Road Project Amid Ongoing Debt Concerns
In a significant legislative move, the House of Representatives has granted approval for President Bola Tinubu’s proposal to secure an external loan of $516.3 million aimed at constructing key segments of the Sokoto-Badagry superhighway. This ambitious project, spanning approximately 1,000 kilometers, is set to connect the states of Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and […]
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