President Bola Tinubu has requested the approval of the Senate for a fresh external loan of $516,333,070.
The request was contained in a letter addressed to Senate President Godswill Akpabio and read during plenary on Thursday.
According to the letter, the loan is expected to be sourced from Deutsche Bank and will be used to finance part of the already approved Sokoto–Badagry 1,000-kilometre Super Highway project.
The President also urged the Senate to give the request expedited consideration.
Following the reading of the letter, Senate President Godswill Akpabio referred it to the Committee on Local and Foreign Debts for further legislative scrutiny, directing the committee to submit its report within one week.
