The Senate has approved a $516.3 million loan request by the federal government, describing it as critical to preventing delays in the implementation of the Sokoto–Badagry Super Highway project.
According to National Assembly Correspondent Lami Ali, the new facility—sourced from Deutsche Bank AG—is intended to replace an earlier financing package that Nigeria was unable to secure from a Middle Eastern lender due to disruptions linked to the Iran conflict.
Lawmakers, while granting approval, expressed optimism that the highway project would significantly reduce travel time between northern and southern Nigeria, while also stimulating economic activities along the corridor.
The 1,000-kilometre Sokoto–Badagry Super Highway stretches from Illela in Sokoto State to Badagry in Lagos State, passing through Kebbi State, Niger State, Kwara State, Oyo State, and Ogun State.
In a separate development during the same session, the Senate confirmed Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria, following his nomination by President Bola Ahmed Tinubu.
Meanwhile, President Tinubu has also notified the Senate of his decision to withhold assent to the National Identity Management Commission (NIMC) Bill, citing structural concerns among other issues.