The House of Representatives of Nigeria has approved a request by President Bola Tinubu to obtain a foreign loan of $516,333,007 to fund major infrastructure development in the country.
The approval was given during Tuesday’s plenary session after lawmakers considered a report presented by the Deputy Chairman of the Committee on Aids, Loans, and Debt Management, Abdullahi Rasheed.
The loan is expected to support the construction of parts of the Sokoto–Badagry Super Highway, a major road project aimed at improving transportation and boosting economic activities across several states.
President Tinubu had earlier requested approval for the loan facility, which is to be sourced from Deutsche Bank, to help finance the large-scale road construction project.
Lawmakers agreed to the request after reviewing the proposal, clearing the way for the federal government to proceed with the borrowing plan.
The project is part of ongoing efforts to improve road networks and strengthen connectivity between different regions of the country.