Nigerian President Seeks $516 Million Loan for Major Highway Project
In a significant move aimed at boosting infrastructure, President Bola Tinubu has formally requested the Senate's approval to secure a $516.3 million loan from Deutsche Bank AG. This lending initiative is backed by insurance from the Islamic Corporation...
In a significant move aimed at boosting infrastructure, President Bola Tinubu has formally requested the Senate’s approval to secure a $516.3 million loan from Deutsche Bank AG. This lending initiative is backed by insurance from the Islamic Corporation for the Insurance of Investment and Export Credit, part of the Islamic Development Bank. Tinubu emphasized that the funding would be directed towards the construction of the Sokoto-Badagry Superhighway, a centerpiece project within his Renewed Hope Agenda.
The ambitious highway plans to stretch 1,000 kilometers, creating a high-capacity link across several states, including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos, running from Illela to Badagry. This latest borrowing appeal arrives just weeks after lawmakers endorsed a separate proposal for an external borrowing plan amounting to $6 billion. Concerns are rising, however, regarding the country’s escalating debt levels and the challenges associated with debt servicing.
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Former Vice President Atiku Abubakar has openly criticized Tinubu’s borrowing strategy, cautioning that Nigeria must avoid “borrowing blindly” under the guise of pursuing development.