Former Vice President Atiku Abubakar and economists have raised concerns over President Bola Tinubu’s request for Senate approval of a fresh $516m external loan to fund sections of the Sokoto–Badagry Super Highway.
The President had written to the Senate seeking approval for a $516,333,070 external loan to finance parts of the 1,000-kilometre highway project, a flagship infrastructure initiative under his administration.
The request, addressed to the President of the Senate, Godswill Akpabio, was read during plenary on Thursday, formally triggering legislative consideration.
According to the President, the loan—expected to be sourced from Deutsche Bank—will support the construction of Sections 1, 1A, and 1B of the highway linking Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, stretching from Illela to Badagry.
Atiku, in a statement signed by his Senior Special Assistant on Public Communication, Phrank Shaibu, acknowledged the importance of the project but warned against rising debt levels and weak transparency in borrowing decisions.