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Senate endorses Tinubu’s $516m loan request
The Senate, on Wednesday, endorsed a $516 million loan request from President Bola Tinubu.
The approval followed the consideration of a report during plenary, presented by the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko.
Recall that President Tinubu had requested the Senate’s approval for the loan to fund part of the Sokoto-Badagry Superhighway project.
The request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during last Thursday’s plenary.
The President said the project is a 1,000-kilometre flagship highway designed to link Nigeria’s North-West to the South-West.
According to the proposal, the highway will run from Illela in Sokoto State through Kebbi, Niger, Kwara, Oyo, and Ogun, terminating in Badagry, Lagos State.
The loan will specifically fund Sections 1, Phase 1a and 1b, covering 120 kilometres of the total corridor.
According to the proposal, the highway will run from Illela in Sokoto State through Kebbi, Niger, Kwara, Oyo, and Ogun, terminating in Badagry, Lagos State.
The loan will specifically fund Sections 1, Phase 1a and 1b, covering 120 kilometres of the total corridor.
Tinubu explained that the funding arrangement involves a syndicated loan from Deutsche Bank AG, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.
During deliberations, lawmakers highlighted the strategic importance of the highway project.
Senator Tahir Monguno noted that the road was expected to connect three of Nigeria’s geopolitical zones and significantly reduce travel time between the northern and southern parts of the country.
The Senate President, Godswill Akpabio, explained that an earlier $5 million request by the President, approved by the Senate, was to be assessed.
He noted that the borrowing arrangement through Abu Dhabi had stalled owing to escalating conflict in the region, preventing the Federal Government from drawing on the funds.
He added that securing alternative financing sources would accelerate ongoing development efforts.
Beyond transportation, lawmakers argued that the Sokoto–Badagry Super Highway project is expected to boost agricultural productivity by improving access to markets, supporting dam development, and strengthening the agricultural value chain.
The Senate’s approval is expected to be transmitted to the President today for final action.
Naijapunchnews reports that the House of Representatives had earlier approved the loan request.
President Bola Ahmed Tinubu has approved the immediate removal of Mr. Saidu Mohammed as Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
He has nominated Mr. Rabiu Abdullahi Umar to take over as the new Chief Executive. The appointment is pending confirmation by the Senate.
Details shortly….
The Supreme Court will on Thursday, April 30, 2036, will deliver judgments in lawsuits relating to leadership battles in the African Democratic Congress, ADC, and the Peoples Democratic Party, PDP.
Recall that the suits are now listed on the apex court’s website.
According to the update, while the ADC suit, marked SC/CV/180/2026, is slated for 2:00 pm, the time for the PDP case is not indicated.
Also, the Independent National Electoral Commission, INEC, had de-recognized the David Mark leadership of the ADC, citing a judgment by the Court of Appeal.
INEC also said it would not recognise Nafiu Bala Gombe, who had gone to court seeking to be made national chairman.
The Commission announced it will cease recognition of the duo and refrain from monitoring any conventions or congresses organised by their factions, pending the determination of the substantive suit before the court.
For the PDP, the Supreme Court is to decide on an appeal seeking validation of the outcome of the national convention held in Ibadan, Oyo State, on November 15 and 16, 2025.
The appellants, Taminu Turaki-led led faction, are specifically urging the apex court to set aside the judgments of the Abuja Federal High Court and the Court of Appeal, which nullified the conduct of the Ibadan national convention.
President Bola Ahmed Tinubu has defended his administration’s decision to continue seeking external loans to fund national projects, asserting that debt is a necessary tool for economic growth.
Speaking on the matter, the President emphasized that his government would not shy away from borrowing as long as the funds are channeled into productive sectors of the economy.
Addressing stakeholders in a recent session, the President dismissed the stigma often associated with national debt.
He maintained that the focus should not be on the act of borrowing itself, but on the ability of the nation to manage and settle its obligations through consistent economic productivity.
According to him, if we have to borrow money, we will, because borrowing is not leprosy; we just have to work hard to be able to repay it.”
President Tinubu further explained that no nation can achieve significant developmental milestones without strategic financial leverage.
He noted that the current administration is committed to building infrastructure and creating an environment where the economy can thrive enough to service these debts comfortably.
He insisted that the narrative surrounding the country’s debt profile needs to change, as borrowing remains a standard practice for many global powers seeking expansion.
See Black Market Dollar To Naira Exchange Rate Today 29th April 2026
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