Reps approve Tinubu’s $516m external loan request for Badagry-Sokoto highway

The House of Representatives has approved a $516.33 million external borrowing request by President Bola Tinubu for the construction of a section of the Sokoto–Badagry Superhighway.

…as Tinubu picks APC’s N100m forms to seek re-election

The approval followed the consideration of a report presented by the House Committee on Aids, Loans and Debts Management, chaired by Abubakar Nalaraba. The President had written the National Assembly last week seeking expeditious consideration of the loan request.

The Hosue sitting in the Committee of Supply on Tuesday approved the request for a syndicated financing facility from Deutsche Bank AG to support the construction of Section 1, Phase 1A and 1B of the highway project, covering 120 kilometres.

The House specifically approved the sum of $516,333,007 for the project and backed its inclusion in the Federal Government’s rolling borrowing plan, effectively integrating the facility into Nigeria’s broader debt framework.

Details of the financing structure show the loan will carry a tenor of nine years, including a grace period of up to three years. The interest rate is benchmarked at CME SOFR plus 5.35% per annum, reflecting prevailing global borrowing costs.

The facility will also be partially guaranteed by the Islamic Corporation for the Insurance of Investment and Export Credit, a move expected to reduce lender risk and potentially improve financing terms.

Lawmakers, however, tied the approval to a series of conditions. The House mandated strict legislative oversight of the project, requiring quarterly reports from the Federal Ministry of Finance, the Debt Management Office, and the Ministry of Works on implementation progress and fund disbursement.

It also directed that all executed financing agreements be submitted to the National Assembly within 30 days of financial close, alongside continuous monitoring by relevant committees.

To address concerns over cost efficiency and governance, the House further insisted on competitive and transparent procurement processes, independent technical and financial audits, and periodic evaluations of project milestones and outcomes to ensure value for money.

The Sokoto–Badagry Superhighway is one of the federal government’s ambitious road projects, designed to connect Nigeria’s north-western and south-western corridors, improve logistics, and stimulate trade across multiple States.

Meanwhile, President Bola Tinubu has formally signalled his intention to seek a second term by obtaining the All Progressives Congress (APC) expression of interest and nomination forms ahead of the 2027 Presidential election.

The forms, priced at N100 million, were secured on his behalf by James Faleke, the lawmaker representing Ikeja Federal Constituency in the House of Representatives and founder of the Tinubu Support Groups.

The development took place at the Abuja Continental Hotel, Abuja, venue for the sale of forms, marking the official commencement of Tinubu’s re-election bid as the APC begins activities leading to its Presidential primary scheduled for May 23, 2026.

Presenting the forms, APC National Organising Secretary, Suleiman Argungu, declared the process open, describing it as a crucial step in the party’s preparations for the 2027 polls.

He noted, however, that the party would make additional forms available for other aspirants interested in contesting the ticket against the President.

President Tinubu had earlier secured endorsements from key stakeholders and organs of the party during a summit in Abuja, where he was adopted as the APC’s preferred candidate for the election.