Tinubu seeks Senate approval for $516m loan

President Bola Tinubu, has asked the Senate to approve a fresh external loan of $516.3m to support infrastructure development.

In a letter read during plenary on Thursday, Mr Tinubu said the funds would be sourced from Deutsche Bank and used to finance the already approved borrowing plan for the Sokoto–Badagry Super Highway project.

He urged lawmakers to consider the request expeditiously.

The Senate President, Godswill Akpabio, subsequently referred the request to the Committee on Local and Foreign Debts for further legislative review, with a directive to report back within one week.