• Aliero, Akpabio back plan, say project will halve travel time, boost trade, national integration
Sunday Aborisade in Abuja
President Bola Tinubu on Thursday asked Senate to approve a $516.33 million foreign loan to finance key sections of the proposed Sokoto–Badagry Superhighway, a flagship infrastructure project under his administration’s Renewed Hope Agenda.
In a communication read on the floor of the senate, Tinubu sought a resolution of the National Assembly, in accordance with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to secure a syndicated loan facility for Sections 1, 1A and 1B of the project.
The president specifically requested approval for a $516,333,007 financing package from Deutsche Bank and its inclusion in the federal government’s borrowing plan already endorsed by the legislature.
He told lawmakers that the 1,000-kilometre superhighway, stretching from Illela in Sokoto State to Badagry in Lagos State, through Kebbi, Niger, Kwara, Oyo and Ogun states, would unlock significant economic opportunities across regions.
According to him, “The Sokoto–Badagry Superhighway is conceived as a strategic national asset that will enhance connectivity across geopolitical zones, reduce the cost of transportation, and improve the movement of agricultural produce and industrial goods.”
Tinubu added, “Upon completion, the corridor will strengthen food security, boost trade, and promote national integration by linking production centres to major markets and export routes.”
He explained that the financing arrangement would be backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), describing it as “a structured and sustainable funding model that aligns with the government’s fiscal responsibility framework”.
The president disclosed that the federal government would provide counterpart funding of N265.54 billion to cover land acquisition, compensation, and related infrastructure.
Tinubu stated that the loan had a tenure of nine years, including a grace period of up to three years, at an interest rate tied to the Secured Overnight Financing Rate (SOFR) plus 5.3 per cent.
“The Federal Executive Council has already approved the financing structure and terms,” he said, urging Senate to grant expeditious consideration to the request “in the overriding public interest”.
Following the presentation, the senate referred the request to its Committee on Local and Foreign Debts with a mandate to report back within one week.
Throwing his weight behind the proposal, Senator Adamu Aliero (Kebbi Central) described the project as long overdue. He stated that successive administrations had failed to bring it to fruition.
“This is a project that has been on the drawing board for over 50 years. What we are witnessing now is a decisive effort to finally deliver it,” Aliero said.
He revealed that parts of the highway were already under construction, adding, “The use of reinforced concrete pavement and solar-powered lighting shows that this is being built to modern, durable standards.”
Highlighting its economic impact, Aliero stated, “When completed, the road will reduce travel time between Sokoto and Lagos from about 13 hours to roughly six hours. That is a massive boost for commerce, logistics and regional integration.”
He urged his colleagues to support the proposal, saying, “This project holds enormous promise for national development, and I appeal to the senate to approve the committee’s report when it is presented.”
Equally backing the request, Senate President Godswill Akpabio described the superhighway as a transformative investment.
Akpabio said, “This is not just a road project; it is an economic corridor that will save lives, create jobs and enhance productivity across the country.”
He defended the decision to seek external financing, stating, “Borrowing for critical infrastructure is justified when such investments have the capacity to generate long-term economic returns and improve the nation’s ability to repay.”
Akpabio assured that the senate would give the request prompt attention, adding, “We have directed the relevant committee to expedite its review so that the senate can take a timely and informed decision.”
The senate leadership subsequently mandated the committee to fast-track its work, signalling strong legislative backing for the project widely seen as a potential game changer for Nigeria’s transport and economic landscape.
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