President Bola Ahmed Tinubu has asked the Senate to approve a $516.3 million foreign syndicated loan to support the construction of the Sokoto–Badagry superhighway, a major infrastructure project under his administration.

The request was formally presented in a letter read during plenary on Thursday by Senate President Godswill Akpabio. In the letter, the president sought the Senate’s resolution in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, which governs public borrowing.

According to the president, the loan will be sourced through Deutsche Bank AG and will be used to finance Sections 1, Phase 1A and 1B of the highway project.

The Sokoto–Badagry highway is a proposed 1,000-kilometre road designed to connect several states across the country, including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos. The road will run from Illela in Sokoto State to Badagry in Lagos State, creating a major economic corridor across the nation.

President Tinubu described the project as a flagship initiative under his Renewed Hope Agenda, aimed at improving national connectivity, reducing travel time, and boosting the movement of goods and services across regions.

He explained that the loan facility will be backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit, while the Federal Government will provide counterpart funding of over ₦265 billion. The government’s contribution will cover land acquisition, compensation, and other related infrastructure costs.

The proposed loan is structured with a repayment period of nine years, including a three-year grace period. It carries an interest rate tied to the Chicago Mercantile Exchange’s Secured Overnight Financing Rate (SOFR) plus 5.3 percent per annum.

Tinubu also noted that the financing plan has already received approval from the Federal Executive Council.

Following the presentation, Akpabio referred the request to the Senate Committee on Local and Foreign Debts for further legislative review, with a directive to report back within one week.

Speaking on the development, the Senate President expressed support for the borrowing plan, stating that securing loans for critical infrastructure projects such as highways is necessary to improve road safety and strengthen national integration.

John Azi, a graduate of the University of Jos (UNIJOS), has regained his freedom after spending 11 days in the hands of kidnappers.

Azi, who studied Early Childhood Education, was abducted on April 11, 2026, while travelling from Jos, Plateau State, to Zaria in Kaduna State.

According to his family, the kidnappers initially demanded a ransom of N30 million, which was later reduced to N5 million before rising again due to shifting demands. His elder brother, Bulus Azi, confirmed that the family eventually paid a total of N10.3 million in instalments to secure his release.

Bulus explained that the kidnappers kept increasing the ransom whenever news of the incident surfaced on social media, forcing the family to make multiple payments.

He said the victim was released in Zaria and given some medical attention before arrangements were made for his return to Jos. At the time of reporting, Azi was still on his way home, as the family had hired a driver from Kaduna to bring him back.

Despite informing the police, the family handled the negotiations independently, citing urgency to save his life.

As of now, the Plateau State Police Command has not issued an official statement regarding the incident.

Source: Cable

President Bola Ahmed Tinubu has attributed Nigeria’s persistent electricity challenges to what he described as the poor privatization of the power sector by previous administrations.

Speaking on the issue, Tinubu said the decisions made during the privatization process have significantly contributed to the country’s current power problems. He urged Nigerians to hold past leaders accountable for what he termed a “terrible” handling of the sector.

The President lamented the continued instability in electricity supply, noting that many Nigerians still face frequent outages and unreliable power due to deep-rooted structural issues.

Despite the challenges, Tinubu reaffirmed his administration’s commitment to reforming the economy and revitalizing the power sector. He called for unity and patience, expressing optimism that ongoing reforms will deliver long-term stability and national development.

He added that with sustained efforts and collective support, Nigeria can overcome its challenges and achieve lasting progress.