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The Digest:

President Bola Tinubu has sought Senate approval for a $516,333,007 million loan from Deutsche Bank to fund sections of the Sokoto-Badagry Superhighway, a 1,000km flagship project linking Nigeria's Northwest to the Southwest. The highway will run from Illela in Sokoto through Kebbi, Niger, Kwara, Oyo, and Ogun, terminating in Badagry, Lagos. The loan has a nine-year tenor with a three-year grace period. The Federal Government will provide ₦265.5 billion in counterpart funding for land acquisition and compensation.

Key Points:
  • The loan will cover 120km of the total 1,000km corridor.
  • Senator Aliero said the project has been in the making for 55 years.
  • Travel time from Sokoto to Lagos could drop by over 70% upon completion.
  • The project features concrete and asphalt roads with solar streetlights.
  • The central median is reserved for future rail integration.

The Senate Committee on Foreign and Local Debts is expected to report back within one week.

Sources: Daily Trust, Punch