Like Reps, Senate approves $516.3m loan for Sokoto–Badagry superhighway
The Senate on Wednesday approved a $516.3 million syndicated financing facility for the construction of the Sokoto–Badagry Superhighway Project, following the consideration and adoption of a committee report during plenary. The approval followed a request dated Monday, April 20, 2026, from President Bola Tinubu, seeking legislative backing for external borrowing in line with the provisions […]
The Senate on Wednesday approved a $516.3 million syndicated financing facility for the construction of the Sokoto–Badagry Superhighway Project, following the consideration and adoption of a committee report during plenary.
The approval followed a request dated Monday, April 20, 2026, from President Bola Tinubu, seeking legislative backing for external borrowing in line with the provisions of the Debt Management Office (Establishment) Act 2011 and the Fiscal Responsibility Act 2007.
The request was referred to the Senate Committee on Local and Foreign Debt on April 23, 2026; the committee subsequently presented its report recommending approval of the loan.
Presenting the report on behalf of the committee chairman, Senator Aliyu Wamakko (Sokoto North), Senator Adamu Aliero (Kebbi Central) explained that although the loan will add to Nigeria’s external debt stock, it is tied to long-term capital development projects expected to generate significant economic returns.
The lawmakers, after approving the loan, directed quarterly reporting by the Federal Ministry of Finance, the Debt Management Office, and the Ministry of Works, as well as the submission of the financing agreement within 30 days.
The House of Representatives had, on Tuesday, approved the loan request.