The House of Representatives has approved President Bola Ahmed Tinubu’s request to secure a $516.3 million loan to support the construction of sections of the Sokoto–Badagry Super Highway.

The approval was granted during Tuesday’s plenary following the presentation of a report by the Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Abdullahi Rasheed.

The loan, to be sourced through a syndicated financing arrangement led by Deutsche Bank AG, is expected to fund key portions of the highway project, specifically sections 1, 1A and 1B, covering approximately 120 kilometres.

President Tinubu, in his request to lawmakers, said the facility is part of efforts to advance critical infrastructure under his administration’s development agenda.

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New Telegraph reported that the proposed Sokoto–Badagry highway, a 1,000-kilometre road network, is designed to link several states, including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos, stretching from Illela to Badagry.

According to the president, the financing arrangement will be supported by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.

He also indicated that the federal government would provide counterpart funding exceeding ₦265 billion to cover land acquisition, compensation and related infrastructure costs.

The loan facility is structured over nine years, with a three-year grace window, and carries an interest rate tied to the Secured Overnight Financing Rate plus 5.3 per cent annually.

Lawmakers approved the line with relevant provisions of the Debt Management Office Act, clearing the way for the federal government to proceed with securing the funds for the project.