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House of Reps approves Tinubu’s $516m loan request
The House of Representatives on Tuesday approved President Bola Tinubu’s loan request.
The president had requested a total loan of five hundred and sixteen million, three hundred and thirty-three thousand, seven US dollars (($516,333,007) in syndicated financing from Deutsche Bank AG.
The approval was given during Tuesday’s plenary after a report was presented by the deputy chairman of the House Committee on Aids, Loans, and Debts Management, Abdullahi Rasheed.
Tinubu had written to lawmakers seeking approval for a $516.3 million foreign loan for the construction of the Sokoto-Badagry highway.
The president sought the resolution in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to enable the Federal Government secure financing for Sections 1, Phase 1A, and 1B of the project.
The project which is a flagship initiative under the Renewed Hope Agenda, is designed to enhance national connectivity, reduce travel time, and improve the movement of goods across key economic corridors, according to the president.
The proposed 1,000-kilometre road project is expected to link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, connecting Illela to Badagry.
The loan which is structured for nine years, including a three-year grace period, had already gotten its financing plan approved by the Federal Executive Council.
