Senate President Godswill Akpabio has expressed strong support for President Bola Ahmed Tinubu’s latest external borrowing request, describing it as a necessary and strategic move to fund critical infrastructure.
Akpabio made the remark while reacting to the proposed $516 million loan tied to the Sokoto–Badagry Superhighway project, one of the flagship initiatives under the current administration.
Speaking during plenary, he emphasized that borrowing for infrastructure, especially in challenging economic times, is a more sustainable option than delaying key projects due to lack of funds.
“I join my colleagues to commend Mr. President that in these difficult times when we don’t really have money, it is better to borrow for projects. It is better to borrow for infrastructure and pay even through the infrastructure. Repayment can be done through the infrastructure, and this is highly recommendable,” he said.
According to Akpabio, such investments have the potential to generate long-term economic value, which can in turn support loan repayment through increased economic activities along the corridor.
President Tinubu had earlier written to the Senate seeking approval for a fresh external borrowing of $516,333,070. The loan is expected to fund Sections 1, 1A, and 1B of the ambitious 1,000-kilometre Sokoto–Badagry Superhighway.
The request was formally presented in a letter addressed to the Senate President and read during Thursday’s plenary session, signaling the beginning of legislative consideration of the proposal.
The President noted that the funds would be sourced through a syndicated financing arrangement with Deutsche Bank.
According to him, the project is designed to connect Nigeria’s North-West region to the South-West corridor, boosting trade, transportation, and economic integration.
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