Breaking: Reps Approve Tinubu’s Request to Borrow $516m
- House of Representatives approved President Bola Tinubu’s request to borrow $516,333,007 for infrastructure development
- Deputy Chairman Abdullahi Rasheed presented the committee report which lawmakers adopted before ratifying the loan request during plenary
- The approved loan was designated to support construction of sections of the Sokoto–Badagry Superhighway to boost connectivity and economic activities
FCT, Abuja - The House of Representatives has approved President Bola Tinubu’s request to secure a foreign loan of $516,333,007 for infrastructure development.
Loan approved during plenary
Source: Twitter
The approval was granted during Tuesday’s plenary session of the green chamber, following consideration of a report presented by Abdullahi Rasheed, Deputy Chairman of the House Committee on Aids, Loans and Debt Management.
The borrowing request is intended to support the construction of key sections of the proposed Sokoto–Badagry Superhighway, a major federal infrastructure project, Punch reported.
Committee report backs request
Presenting the report to lawmakers, Rasheed urged the House to adopt the recommendation of the committee, which reviewed the loan proposal submitted by the executive.
The lawmakers subsequently ratified the request after deliberations, giving the federal government the legislative approval required to proceed with the borrowing.
Project aimed at boosting connectivity
The Sokoto–Badagry Superhighway is expected to enhance connectivity across several states and improve economic activities along the corridor once completed, Vanguard reported.
Further details on the disbursement structure and timeline for the project are expected to be provided by relevant authorities.
Tinubu secures another $700m loan from World Bank
Legit.ng earlier reported that the federal government has secured a fresh $700m loan from the World Bank, the third facility approved under the administration of Bola Tinubu.
The first was approved on June 9, 2023, with a loan of $750m to boost Nigeria’s power sector. The second was a loan of $500m to help Nigeria drive women’s empowerment, and was approved on June 22, 2023.
Source: Legit.ng
