Nigeria president seeks parliament approval for $516m foreign loan to finance highway corridor linking northwest to southwest regions of the country.
Letter read by Senate president during Thursday plenary outlines government’s request for syndicated financing from Deutsche Bank facility arrangement.
Tinubu said loan carries nine-year tenor with up to three-year grace period, according to letter submitted to parliament.
The planned 1,000-kilometre highway will run from Sokoto through Niger and Kwara states to Badagry in Lagos major coastal town.
Tinubu said the project will strengthen north-south links, reduce travel times, and lower haulage costs nationwide across the country significantly.
It aims to boost trade, improve food security, and deepen national integration across Nigeria’s diverse regions significantly overall framework development.
Last year, Nigeria secured a $747 million syndicated loan led by Deutsche Bank to fund coastal highway phase first phase.
Nigeria continues to rely on foreign borrowing as it pursues large infrastructure projects amid fiscal pressures across public sector agenda.
The highway is seen as a symbolic artery linking regions long divided by distance and logistics constraints within Nigeria economy.
Parliamentary approval is now required before the government can proceed with financing and early construction works implementation phase begins nationwide.
