The House of Representatives has approved a request by President Bola Tinubu to secure a $516,333,007 syndicated loan from Deutsche Bank AG for infrastructure development.
The approval was granted on Tuesday during plenary in Abuja following the presentation of a report by Abdullahi Rasheed.
The loan is intended to fund sections of the proposed Sokoto–Badagry Super Highway, a flagship project of the Tinubu administration designed to improve connectivity across major regions of the country.
In a letter to the National Assembly, President Tinubu explained that the facility would finance Sections 1, 1A, and 1B of the project.
“Approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of $516,333,007 for the execution of Sections 1, 1A and 1B of the Sokoto–Badagry Superhighway Project,” the president stated.
The proposed 1,000-kilometre highway is expected to link the North-West and South-West, passing through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, stretching from Illela to Badagry.
Elijah Adeyemi
No comments:
Post a Comment