The House of Representatives approved President Bola Tinubu’s request for a $516,333,007 foreign loan to support the construction of the Sokoto-Badagry Superhighway on April 28, 2026.
The approval followed a report presented by the deputy chairman of the committee on aids, loans, and debts management during Tuesday’s plenary.
The loan will reportedly be sourced via a syndicated financing facility led by Deutsche Bank to fund Sections 1, 1A, and 1B of the highway, covering approximately 120 kilometres.
The 1,000-kilometre inland dual carriageway designed to link the North-West and South-West corridors, passing through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos States.
The loan has a nine-year tenure, which includes a grace period of up to three years with the interest rate not to exceed the Chicago Mercantile Exchange (CME) SOFR plus 5.3% per annum.
The facility includes a partial risk guarantee provided by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
The Federal Government will provide ₦265.5 billion for land acquisition, compensation, and ancillary infrastructure.
According to the presidency, the project is intended to:
Reduce logistics costs and travel time for commuters and traders.
Enhance national cohesion and food security by linking production zones to markets and ports.
Improve safety and network performance across the North-South corridor.
This approval comes shortly after the House of Representatives also approved a separate $347 million loan to address cost overruns on the Lagos-Calabar Coastal Highway project.
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