The House of Representatives on Tuesday approved a request by President Bola Tinubu to obtain a $516,333,007 foreign loan to support major road construction in the country, including sections of the Sokoto–Badagry superhighway.
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Lawmakers gave approval during plenary after a report was presented by the Deputy Chairman of the Committee on Aids, Loans and Debt Management, Abdullahi Rasheed. The approval followed consideration of the president’s request for fresh external borrowing to fund infrastructure development.
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The loan is expected to be sourced through Deutsche Bank and will go into financing parts of the long highway project aimed at improving road connectivity across regions. The request had earlier been sent by the presidency as part of efforts to secure funding for ongoing transport infrastructure plans.
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With the approval, the executive arm is now expected to proceed with the borrowing arrangement and implementation process in line with existing financial procedures.
The decision adds to recent legislative actions involving funding requests tied to national development projects, as government continues to pursue external financing for large-scale infrastructure works.
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