BREAKING: President Tinubu Seeks Senate Approval for Fresh $516.3m Loan

President Bola Tinubu has sought the approval of the Senate for a fresh $516.3 million loan from Deutsche Bank to fund a major road project.

The request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during plenary on Thursday.

According to the letter, the proposed loan will finance Sections 1, Phase 1a and 1b of the Sokoto–Badagry Superhighway, a key transport corridor expected to span about 1,000 kilometres in total, with the current phase covering 120 kilometres.

Tinubu urged the Senate to give the request swift consideration.

Following the reading of the letter, Akpabio referred it to the Senate Committee on Local and Foreign Debts for further legislative action, directing the committee to report back within one week.