By Our Reporter
Despite opposition to the proposed loan advancement, Nigeria’s House of Representatives has approved President Bola Ahmed Tinubu’s request to secure a $516 million loan.
The loan, according to the government is for the construction of the Sokoto Badagry Super Highway.
The approval followed the consideration of a report presented by the House Committee on Aids, Loans and Debt Management during plenary in Abuja.
The the c ommitteehairman, Mr Abubakar Nalaraba, who presented the report, said the loan request forms part of the Federal Government’s external borrowing plan aimed at addressing critical infrastructure deficits across the country.
According to him, “the Sokoto Badagry highway project is expected to boost economic activities, improve connectivity, and enhance transportation across several states”.
Lawmakers maintained that the project would open up rural communities, facilitate trade, and create employment opportunities.
The House, however, urged the Federal Government to ensure proper monitoring and accountability in the utilization of the loan to guarantee the timely completion of the project.
President Tinubu had earlier transmitted the request to the National Assembly, seeking legislative approval in line with constitutional provisions.
With reports from the National Post