The House of Representatives has approved a request by President Bola Ahmed Tinubu to secure a $516.3 million syndicated loan from Deutsche Bank AG to support infrastructure development.

The approval was granted during plenary on Tuesday in Abuja following the presentation of a report by the Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Abdullahi Rasheed.

According to the President’s request, the facility will be used to finance Sections 1, 1A, and 1B—spanning approximately 120 kilometres—of the proposed Sokoto–Badagry Super Highway. The project is a key component of the administration’s Renewed Hope Agenda, aimed at strengthening national connectivity, facilitating trade, and reducing travel time across major economic corridors.

In his communication to lawmakers, Tinubu sought legislative approval in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to enable the Federal Government to secure the financing.

The Sokoto–Badagry Super Highway is a 1,000-kilometre corridor designed to link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, stretching from Illela to Badagry.

The financing arrangement is expected to be supported by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit. In addition, the Federal Government will provide over ₦265 billion in counterpart funding for land acquisition, compensation, and associated infrastructure.

The loan is structured over a nine-year period, including a three-year grace period, with an interest rate pegged to the Secured Overnight Financing Rate (SOFR) plus 5.3 percent per annum.

The Federal Executive Council had earlier approved the financing plan prior to its consideration by the National Assembly.