President Bola Tinubu has asked the Senate to approve a $516.3 million loan to fund part of the Sokoto–Badagry Super Highway project.
In a letter to lawmakers, the president said the loan will come from Deutsche Bank and will pay for the construction of about 120 kilometres of the road.
He said the project is part of his Renewed Hope Agenda and will link several states, improve transportation, trade, and food supply across the country.
The president added that the project will reduce travel time and costs, and improve access to markets and ports.
The loan will last nine years, with a three-year grace period.
The Senate has referred the request to its Committee on Local and Foreign Debts, which is expected to report back within one week.
