The Digest:
The House of Representatives has approved President Bola Tinubu's request to borrow $516,333,007 for the construction of sections of the Sokoto-Badagry superhighway. The green chamber ratified the request during Tuesday's plenary following a report by Abdullahi Rasheed, deputy chairman of the committee on aids, loans, and debts management. The lawmakers demanded quarterly reports from the finance ministry, DMO, and works ministry on project implementation and fund disbursement.
Key Points:
- The loan will be sourced from Deutsche Bank with a partial risk guarantee from ICIEC.
- The project covers about 120 kilometres across sections 1, 1A, and 1B.
- The federal government will provide N265.5 billion in counterpart funding.
- The loan has a nine-year tenure with a three-year grace period.
- The highway will link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states.
The approval moves the flagship infrastructure project closer to implementation.
Sources: The Cable, Channels TV
