By By Elizabeth Ugbo
The Senate on Wednesday approved a $516.3 million loan request for the federal government in Abuja. Lawmakers backed the funding to prevent delays in the Sokoto–Badagry Superhighway project. The loan, sourced from Deutsche Bank AG, replaces an earlier Middle East financing plan. Nigeria could not access the initial package due to the Iran war.
Loan Seen as Lifeline for Critical Infrastructure
Lawmakers described the loan as a financial lifeline for the project. They expressed optimism about its economic impact. Moreover, they said the highway would cut travel time between northern and southern Nigeria. As a result, trade and movement along the corridor should improve significantly.
Sokoto–Badagry Highway to Span 1,000 Kilometres
The Sokoto–Badagry Superhighway will cover about 1,000 kilometres. It will stretch from Illela in Sokoto State to Badagry in Lagos State. In addition, the road will pass through Kebbi, Niger, Kwara, Oyo, and Ogun states. This route aims to connect key commercial hubs across the country.
Senate Confirms Key CBN Appointment
Meanwhile, the Senate confirmed several nominees from President Bola Tinubu. Among them is Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria. This confirmation strengthens leadership within the apex bank.
Tinubu Declines Assent to NIMC Bill
In a related development, President Tinubu declined assent to the NIMC bill. He cited structural defects and other concerns. Consequently, lawmakers may revisit the bill for necessary corrections.
Conclusion
Overall, the Senate’s approval signals urgency in delivering major infrastructure. The Sokoto–Badagry Superhighway loan is expected to accelerate project execution. If completed on time, the road could boost connectivity and economic growth nationwide.
