President Bola Tinubu has formally requested the Nigerian Senate’s approval for a fresh external loan of approximately $516 million, as part of his administration’s strategy to finance critical infrastructure projects through borrowing.

The request was read during Thursday’s plenary session by Senate President Godswill Akpabio, initiating the legislative process required to secure the funds. The proposal has since been referred to the Senate Committee on Local and Foreign Debts for detailed scrutiny.

Central to the borrowing plan is the proposed Sokoto–Badagry Super Highway, a major infrastructure project intended to link Nigeria’s North-West region with the South-West corridor. Government officials say the highway is expected to enhance trade connectivity, reduce travel time, and stimulate economic activity across several states.

According to the administration, the financing will be sourced from Deutsche Bank under an existing borrowing framework previously approved by the government.

Officials maintain that the loan is targeted at priority development projects and aligns with broader economic objectives, emphasizing that it does not represent an expansion of unplanned public debt.