Senate Approves $516.3m Loan for Sokoto–Badagry Highway, Confirms CBN Deputy Gov Nominee
The Nigerian Senate has clarified that the approval of a $516.3 million loan request for the Federal Government is aimed at preventing delays in the execution of the Sokoto–Badagry Superhighway project.
The lawmakers explained during plenary on Wednesday that the facility, sourced from Deutsche Bank AG, serves as an alternative to an earlier financing arrangement from a Middle Eastern lender, which could not be accessed due to ongoing geopolitical tensions.
According to the Senate, the loan is considered a critical financial lifeline to ensure the timely delivery of the strategic infrastructure project, which is expected to boost economic connectivity across the country.
The Sokoto–Badagry Superhighway, spanning about 1,000 kilometres, will link Illela in Sokoto State through Kebbi, Niger, Kwara, Oyo, and Ogun states to Badagry in Lagos, significantly reducing travel time between the northern and southern regions.
Lawmakers expressed optimism that the project would enhance trade, improve mobility, and stimulate economic activities along the corridor.
Meanwhile, the Senate also confirmed the appointment of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria, following his nomination by President Bola Ahmed Tinubu.
In a related development, the Senate read a communication from President Tinubu declining assent to the National Identity Management Commission (NIMC) Amendment Bill, citing structural defects among other concerns.
The developments formed part of key legislative actions taken during the day’s plenary session, reflecting ongoing efforts to strengthen infrastructure financing and institutional governance in the country.
Senate Approves $516.3m Loan for Sokoto–Badagry Highway, Confirms CBN Deputy Gov Nominee