President Bola Ahmed Tinubu has formally requested the Senate’s approval to secure a fresh loan worth $516,333,070.
The request was contained in a letter addressed to the President of the Senate, Senator Godswill Akpabio, and was read on the Senate floor during Thursday’s plenary session.
According to the letter, the proposed loan is to be sourced from Deutsche Bank and will be used to finance the already approved borrowing plan for the Sokoto-Badagry 1,000-kilometre Super Highway project.
President Tinubu urged the Senate to treat the request with urgency to enable quick approval and implementation.
Following the presentation of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further legislative review.
The committee has been mandated to consider the proposal and submit its report within one week.
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