Tinubu seeks $516 million loan for new Nigerian highway
- Africa News
Otaria Benjamin- 0
- 2 minutes read
Nigeria’s President Bola Tinubu says a $516-million highway will connect the country’s northwest to its southwest. / Other
Nigeria’s President Bola Tinubu has asked parliament to approve a $516 million foreign loan to finance the first sections of a new national highway, according to a letter read in the Senate on Thursday.
The highway will stretch about 1,000 kilometres from Sokoto state in the northwest, through Niger and Kwara states, to the coastal town of Badagry in Lagos.
Tinubu said the loan, from Deutsche Bank, would have a nine-year term, including up to three years’ grace. He added that the borrowing is part of the government’s medium-term plan already approved by lawmakers.
The president said the highway would deepen north-south links, cut travel times and haulage costs, boost trade and food security, and strengthen national integration.
Last year, Nigeria raised a $747 million syndicated loan, also led by Deutsche Bank, to fund the first phase of a planned 700-kilometre coastal highway.
The Senate has not yet announced when it will vote on the request.
SOURCE: Reuters
