President Bola Tinubu has approached the Senate for approval to secure a $516.3 million external loan to support the construction of the Sokoto–Badagry Superhighway.
The request, contained in a letter read by Senate President Godswill Akpabio during plenary on Thursday, was subsequently referred to the Senate Committee on Local and Foreign Debts for consideration, with a directive to report within one week.
The proposed borrowing forms part of the Federal Government’s wider infrastructure financing strategy, following earlier approvals of multi-billion-dollar loans targeted at addressing budgetary shortfalls and rehabilitating key national assets.
The Sokoto–Badagry Superhighway, spanning about 1,068 kilometres, is expected to connect the North-West to the South-West, passing through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos states. The project is designed to enhance trade, improve security, and facilitate the movement of agricultural produce.
Speaking on the initiative, Senator Mohammed Adamu Aliero (Kebbi Central) described the project 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. I am highly impressed,” he said.
He added that construction work includes a mix of concrete and asphalt surfaces, alongside the installation of solar-powered street lighting.
According to him, the completed highway is expected to significantly reduce travel time between Sokoto and Lagos by more than 70 per cent, cutting the journey from about 13 hours to roughly six hours.
Aliero urged lawmakers to expedite approval once the committee submits its report.
Construction is already ongoing in parts of the corridor, particularly in Ogun and Kebbi states, under a Public-Private Partnership (PPP) model.
The Minister of Works, David Umahi, had earlier indicated that sections of the road would be ready for commissioning later in the year, noting that the project incorporates durable concrete technology.
The six-lane highway is also designed to integrate rail infrastructure, linking Nigeria’s Sahel corridor to the coastal economic hub of Badagry.
Details of the loan show a repayment period of nine years, including a grace period of up to three years, with an interest rate tied to the Chicago Mercantile Exchange (CME) SOFR plus 5.3 per cent per annum.
The Federal Executive Council has already approved the financing arrangement, as part of efforts by the administration to bridge Nigeria’s infrastructure deficit and stimulate economic growth.
