President has formally requested the approval of the National Assembly for a new $516 million external loan to fund key highway infrastructure projects across the country.
In a letter addressed to the Senate, Tinubu explained that the proposed loan is part of efforts to accelerate the development and rehabilitation of critical road networks aimed at boosting economic activities and improving transportation nationwide.
According to the president, the funds will be channeled into strategic highway projects that are expected to enhance connectivity between major commercial hubs, reduce travel time, and lower the cost of moving goods and services.
Tinubu emphasized that the loan request aligns with his administration’s broader infrastructure development agenda, noting that improved road systems are vital for economic growth and national integration.
The Senate is expected to deliberate on the request in the coming days, as lawmakers weigh the potential economic benefits against concerns over Nigeria’s rising debt profile.
If approved, the loan will add to the federal government’s ongoing efforts to modernize the country’s transportation infrastructure and stimulate long-term development.
