President Bola Tinubu Requests Senate Approval for 516 Million Dollar Superhighway Loan

President Tinubu requests Senate approval for a $516 million syndicated loan to fund the 1,000km Sokoto-Badagry Superhighway, aimed at cutting travel time to Lagos.

By: AXL Media

Published: Apr 23, 2026, 9:48 AM EDT

Source: Information for this report was sourced from Peoples Gazette

Funding the Renewed Hope Infrastructure

President Bola Tinubu has formally requested the National Assembly's authorization for a $516.3 million syndicated loan to finance critical sections of the Sokoto–Badagry Superhighway. The request, presented to the Senate on April 23, 2026, is part of the administration’s flagship infrastructure initiatives under the Renewed Hope Agenda. The President specified that the loan will target the execution of Sections 1, 1A, and 1B of the highway, which is designed to act as a primary economic artery for the nation.

Scope of the 1,000-Kilometer Corridor

The superhighway is a massive engineering undertaking spanning approximately 1,000 kilometers, connecting Illela in Sokoto to Badagry in Lagos. The route is set to pass through Kebbi, Niger, Kwara, Oyo, and Ogun states. According to the President’s communication, the project is intended to unlock the North-West–South-West economic corridor, facilitating smoother trade and strengthening national food security by improving the logistics of agricultural transport.

Financial Terms and Risk Guarantees

The proposed $516,333,007 facility is a syndicated loan from Deutsche Bank. The arrangement includes a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank. The loan carries a nine year tenure, including a three year grace period, with an interest rate capped at CME SOFR plus 5.3 percent per annum. Additionally, the Federal Government will provide ₦265.5 billion in counterpart funding for land acquisition and ancillary costs.