By George Mgbeleke <\/p>\n
President Bola Ahmed Tinubu on Thursday requested the National Assembly to formally prove a foreign loan to the tune US$5168,333,007 for the construction of Sokoto-Badagry Superhighway Project.<\/p>\n
In a letter addressed to the President of the Senate, Senator Godswill Akpabio and read to Senators at the Thursday plenary, President Tinubu urged the lawmakers to prove the proposed foreign loan for financing arrangement of a syndicated loan facility of US$516,333,007 for construction of the Sokoto and Badagry Superhighway Project. <\/p>\n
The official communication reads: <\/p>\n
“The purpose of this communication is to formally request the resolution of the National Assembly, pursuant to the provisions of Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to approve a proposed foreign financing arrangement of a syndicated loan facility of US$516,333,007 for the construction of the Sokoto\u2013Badagry Superhighway Project.<\/p>\n
“Specifically, approval is sought for:<\/p>\n
A. The syndicated financing facility from Deutsche Bank in the total sum of US$516,333,007 for the execution of Sections 1, 1A, and 1B of the Sokoto\u2013Badagry Superhighway Project.<\/p>\n
B. The inclusion of the said financing in the Federal Government\u2019s borrowing plan, as earlier approved by the National Assembly.
\nThe Senate is invited to note that the Sokoto\u2013Badagry Superhighway is a flagship infrastructure initiative under the Renewed Hope Agenda. <\/p>\n
“The project is designed to open up Nigeria\u2019s northwest\u2013southwest economic corridor through the construction of an approximately 1,000-kilometre high-capacity carriageway, linking Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos States, stretching from Illela to Badagry.<\/p>\n
“The project is expected to:
\nEnhance north\u2013south connectivity and road safety<\/p>\n
“Improve network performance along the corridor<\/p>\n
“Reduce logistics costs and travel time<\/p>\n
“Facilitate trade and strengthen food security.”<\/p>\n
Continuing the statement added, “Promote national integration by linking production zones to markets and ports
\nProvide long-term intermodal flexibility through provision for future rail integration and utility corridors<\/p>\n
“The proposed financing arrangement comprises a syndicated loan to be secured through Deutsche Bank AG, supported by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank.<\/p>\n
“The Federal Government will provide counterpart funding in the sum of \u20a6265,542,689,569, covering land acquisition, compensation, and ancillary infrastructure.<\/p>\n
“The loan has a tenure of nine years, including a grace period of up to three years, with an interest rate not exceeding the Chicago Mercantile Exchange (CME) SOFR plus 5.3 percent per annum.<\/p>\n
“The Federal Executive Council has approved the financing arrangement and its terms.<\/p>\n
“In light of the foregoing, approval is hereby requested from the National Assembly for:
\nThe syndicated loan facility of US$516,333,007<\/p>\n
“The inclusion of the facility in the borrowing plan<\/p>\n
“The execution of Sections 1, 1A, and 1B of the project, covering approximately 120 kilometres<\/p>\n
“A draft resolution is attached for ease of reference.”<\/p>\n
He expressed optimism that he looks forward to the expeditious consideration and approval of this request by the Senate.”<\/p>\n
Meanwhile,Following the presentation of the President\u2019s request, the letter was referred to the Senate Committee on Local and Foreign Debts, with a directive to report back within one week.<\/p>\n
Contributing to the debate, Senator Adamu Aliero commended the President for initiating what he described as a landmark project that had remained on the drawing board for over five decades.<\/p>\n
He noted that the project is already taking shape, citing firsthand inspection of completed and ongoing sections. <\/p>\n
According to him, the superhighway\u2014constructed using reinforced concrete and equipped with solar-powered street lighting\u2014meets modern infrastructure standards.<\/p>\n
The senator stated that significant portions of the road pass through multiple states, adding that the project would drastically reduce travel time between Sokoto and Lagos from approximately 13 hours to about six hours.<\/p>\n
He described the initiative as transformative, with the potential to positively impact the northwest, north-central, and southwest regions of the country.<\/p>\n
Senator Aliero urged his colleagues to support the project by approving the report of the Senate Committee on Local and Foreign Debts once it is presented.<\/p>\n
In his remarks, the President of Se Godswill Akpabio, who presided over the plenary, aligned with the position, describing the project as a major economic game changer capable of saving lives and boosting national productivity.<\/p>\n
He emphasized that borrowing for critical infrastructure is justified, particularly where such investments yield long-term economic benefits and can facilitate repayment through generated value.<\/p>\n
The Senate leadership subsequently urged the committee to expedite its review to enable timely consideration and approval.<\/p>\n","protected":false},"excerpt":{"rendered":"
By George Mgbeleke President Bola Ahmed Tinubu on Thursday requested the National Assembly to formally prove a foreign loan to the tune US$5168,333,007 for the construction of Sokoto-Badagry Superhighway Project. In a letter addressed to the President of the Senate, Senator Godswill Akpabio and read to Senators at the Thursday plenary, President Tinubu urged the […]<\/p>\n","protected":false},"author":2,"featured_media":8992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[6450],"class_list":["post-12956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","tag-infrastructure-initiative"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/12956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=12956"}],"version-history":[{"count":2,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/12956\/revisions"}],"predecessor-version":[{"id":12958,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/12956\/revisions\/12958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/8992"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=12956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=12956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=12956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}