Senate President Godswill Akpabio has defended the Federal Government’s plan to secure a $516.3 million external loan for the Sokoto–Badagry Superhighway, describing it as a necessary investment in national development.
Speaking during plenary, Akpabio said borrowing to fund critical infrastructure projects is justified, particularly in periods of limited government revenue, as it helps prevent key projects from stalling.
“It is better to borrow for infrastructure and repay through the infrastructure. Repayment can be done through the economic value it creates, and this is highly recommendable,” he said.
President Bola Ahmed Tinubu had earlier sought the National Assembly’s approval for the loan, which is expected to be financed through a syndicated arrangement involving Deutsche Bank.
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The funds are designated for Sections 1, 1A, and 1B of the proposed 1,000-kilometre highway project, which is expected to connect Nigeria’s North-West and South-West regions.
The government says the project will enhance transportation, strengthen trade corridors, and promote economic integration across the country.
The Senate has commenced consideration of the loan request following the presentation of the President’s communication during plenary.
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