Breaking News: Tinubu Seeks Senate Approval for Fresh $516m Loan
President Bola Ahmed Tinubu has formally requested the approval of the Nigerian Senate for a fresh external loan of $516.3 million.
The request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during plenary today Thursday 23rd April , 2026.
According to the communication, the loan is expected to be sourced from Deutsche Bank and will be used to finance the Sokoto–Badagry Super Highway project, which is part of the federal government’s broader infrastructure development plan.
Tinubu urged the Senate to grant expeditious approval for the facility, emphasizing its importance to ongoing national development efforts.
Following the presentation, the Senate referred the request to its Committee on Local and Foreign Debts for further legislative scrutiny, with a mandate to report back within a short timeframe.
This development comes amid ongoing borrowing initiatives by the administration aimed at funding critical infrastructure and supporting economic growth.
