On Thursday, President Bola Tinubu formally sought the Senate’s approval to secure a fresh external loan valued at $516,333,070.

The President’s request was conveyed in a letter addressed to the Senate President, Sen. Godswill Akpabio and read during plenary.

According to the correspondence, the proposed loan is to be sourced from Deutsche Bank and will be used to finance the already approved Sokoto–Badagry Super Highway project.

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The president urged lawmakers to consider and approve the request without delay, stressing the importance of the timely execution of the infrastructure plan.

Following the reading of the letter, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further legislative review.

The committee has been directed to examine the proposal and report back to the Senate within one week.