President Bola Ahmed Tinubu has formally requested approval from the Senate of Nigeria to secure a fresh loan of $516,333,070.

The request was conveyed in a letter addressed to Senate President, Godswill Akpabio, and read during plenary on Thursday.

According to the letter, the proposed loan is to be sourced from Deutsche Bank and will be used to finance the Sokoto–Badagry 1,000km Super Highway project, in line with the government’s approved borrowing plan.

President Tinubu urged the Senate to grant expeditious consideration and approval of the request.