By Emmanuel Thomas, Abuja
The Senate on Wednesday granted President Bola Tinubu’s request for a $516.3 million loan, describing the fund as a “financial lifeline” essential to preventing further delays on the ambitious Sokoto-Badagry Superhighway project.
The approval followed a briefing where lawmakers clarified that the credit facility, sourced from Deutsche Bank AG, serves as a strategic alternative to an earlier financing package from a Middle Eastern bank. That initial deal reportedly hit a stalemate due to the ongoing geopolitical instability and the war involving Iran.
The 1,000-kilometer superhighway is designed to be a major economic artery for the nation. Starting from Illela in Sokoto State, the road will traverse Kebbi, Niger, Kwara, Oyo, and Ogun states, terminating in Badagry, Lagos State.
During the plenary, lawmakers expressed high hopes for the project’s impact. They noted that the corridor would drastically reduce travel time between Northern and Southern Nigeria, fostering seamless trade and enhancing economic activities across the seven benefitting states.
In addition to the loan approval, the Red Chamber moved forward with the confirmation of several presidential nominees. Notably, Lamido Abubakar Yuguda was confirmed as the new Deputy Governor of the Central Bank of Nigeria (CBN), alongside other appointees.
However, it was not all smooth sailing for the executive’s agenda. President Tinubu communicated his decision to decline assent to the National Identity Management Commission (NIMC) Bill. The President cited “structural defects” and other legal inconsistencies as the primary reasons for returning the bill to the National Assembly.
