Tinubu Seeks 516 Million Dollar Loan for Highway
President Bola Tinubu asked parliament on Thursday to approve a loan from Deutsche Bank. The funds will support a highway linking Sokoto to Lagos coastal areas.
President Bola Tinubu has formally requested the National Assembly of Nigeria to approve a $516 million foreign loan intended to jumpstart the construction of a critical national highway. This proposed transport corridor is designed to bridge the country's northwest and southwest regions, marking a significant step in the administration's infrastructure development agenda.
In a letter presented to the Senate during a plenary session on Thursday, Tinubu detailed that the government is pursuing a syndicated financing facility provided by DEUTSCHE BANK AG-REGISTERED. The President noted that this specific borrowing is a component of the government's pre-approved medium-term borrowing plan.
