The House of Representatives has approved President Bola Tinubu’s request to borrow ($516,333,007) five hundred and sixteen million, three hundred and thirty-three thousand, seven US dollars in syndicated financing from Deutsche Bank AG.
They approved it during the plenary on Tuesday in Abuja after the presentation of a report by the deputy chairman of the House Committee on Aids, Loans, and Debts Management, Abdullahi Rasheed.
The money is expected to fund the construction of sections of the Sokoto–Badagry Super Highway.
Last week, President Bola Tinubu wrote to the lawmakers, seeking a $516.3 million loan from Deutsche Bank to support the construction of the road.
Tinubu, in a letter to the Senate President, Godswill Akpabio, requested a resolution in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to enable the federal government to secure the financing for Sections 1, Phase 1A, and Phase 1B of the project.
The project is a flagship initiative of Tinubu’s Renewed Hope Agenda and is targeted at enhancing national connectivity, improving the movement of goods across key economic corridors, and drastically shrinking travel time.
More to follow.
The post JUST IN: Reps Approve Tinubu’s $516m Loan Request appeared first on Channels Television.
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