Senate Approves $516.3m Loan for Sokoto–Badagry Super Highway After Funding Delay Linked to Iran War

The Senate explains that the 516.3 million USD loan request it authorized for the federal government on Wednesday is a financial lifeline to prevent delays in the Sokoto Badagry expressway project’s implementation.

According to National Assembly Correspondent Lami Ali, Nigeria was unable to obtain an earlier package from a Middle Eastern bank because of the Iran War, thus this most recent loan from Deutsche Bank AG was a substitute.

As they approved the financing, lawmakers expressed hope that the road would greatly shorten travel times between Nigeria’s north and south, boosting economic activity throughout the Corridor.

From Illelah in Sokoto State to Badagry in Lagos, the 1000-kilometer Sokoto Badagry Super Highway passes through the states of Kebbi, Niger, Kwara, Oyo, and Ogun.

Lamido Abubakar Yuguda, the Deputy Governor of CBN, was one of President Tinubu’s appointees that the Senate ratified during the session.

Additionally, President Tinubu has informed the Senate that the NIMC bill will not be approved because of structural flaws, among other reasons.