Business
Tinubu Seeks Senate Approval For Fresh $516 Million Loan
President Bola Ahmed Tinubu has sought the Senate’s approval for a $516.3 million loan to fund part of the Sokoto-Badagry Superhighway project.
Naija News reports that the request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during Thursday’s plenary.
The President said the project is a 1,000-kilometre flagship highway designed to link Nigeria’s North-West to the South-West.
According to the proposal, the highway will run from Illela in Sokoto State through Kebbi, Niger, Kwara, Oyo, and Ogun, terminating in Badagry, Lagos State.
The loan will specifically fund Sections 1, Phase 1a and 1b, covering 120 kilometres of the total corridor.
Tinubu explained that the funding arrangement involves a syndicated loan from Deutsche Bank AG, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.
He added that the Federal Government would provide counterpart funding of over ₦265.5 billion for land acquisition, compensation, and related infrastructure.
The proposed loan has a tenure of nine years, including a grace period of up to three years, with an interest rate pegged at the Chicago Mercantile Exchange SOFR plus 5.3 per cent annually.
The President noted that the Federal Executive Council had already approved the arrangement and requested its inclusion in the national borrowing plan.
Tinubu said the project would enhance connectivity, improve safety, and reduce logistics costs.
He added that it would boost trade, food security, and national cohesion by linking production zones to markets and ports, while also providing for future rail and utility corridors.
Akpabio referred the request to the Senate Committee on Foreign and Local Debts, directing it to report back within one week.
Speaking on the development, Senator Mohammed Adamu Aliero described the project as long overdue.
He said, “This project has been on the ground for the last 55 years. I have inspected the project, and I have seen the progress made. I am highly impressed.”
Aliero noted that construction includes both concrete and asphalt roads with solar streetlights.
He added that travel time from Sokoto to Lagos could drop significantly upon completion.
“It will reduce a 13-hour journey to approximately six hours,” he said.
Nigeria’s petrol market is witnessing a fresh wave of price reductions following the sharp decline in global crude oil prices and a major price cut by Dangote Refinery, raising hopes of cheaper fuel across the country.
The downturn in international oil prices has triggered adjustments at several fuel depots, with operators releasing new ex-depot prices amid growing optimism that petrol prices could ease further in the coming weeks.
Global crude prices extended their losses on Tuesday, June 16, 2026, after signs of a breakthrough in talks between the United States and Iran boosted expectations that the strategic Strait of Hormuz could soon return to normal operations.
The easing of tensions has reduced fears of supply disruptions that previously pushed oil prices higher.
As of Tuesday morning, Brent crude traded at $82.68 per barrel, down 0.59 per cent, while West Texas Intermediate (WTI) crude slipped 0.42 per cent to $80.41 per barrel.
Market confidence also received a boost after the LNG tanker Disha successfully sailed through the Strait of Hormuz on Monday on its way to India, signalling the gradual restoration of energy shipments from the Gulf region.
Although shipping firms remain cautious, analysts believe oil prices may remain under pressure if the US-Iran agreement is formally signed and maritime activities fully resume.
Against this backdrop, Nigerian depots have begun adjusting their petrol prices downward.
Industry data obtained from PetroleumPriceNG shows that several depot owners lowered their ex-gantry prices as competition intensifies.
Dangote Refinery had earlier announced a significant N75 per litre reduction in its petrol price.
However, the refinery later adjusted its rate slightly upward by N5, selling Premium Motor Spirit (PMS) at N1,185 per litre, compared to N1,175 previously.
Other depots have also announced fresh rates. Prudent Oghara is now selling petrol at N1,270 per litre, while AITEO offers PMS at N1,180 per litre. Mainland depot fixed its ex-depot price at N1,250 per litre.
The latest crash in crude oil prices could open the door for additional reductions in petrol and diesel prices across Nigeria. Industry experts say marketers may be compelled to lower prices further as cheaper crude filters into the supply chain and competition with Dangote Refinery intensifies
For millions of Nigerians struggling with high transportation and living costs, the current trend offers renewed hope that fuel prices may finally begin to ease in the months ahead.
NCR Nigeria Plc has announced the appointment of Mrs Oluwatoyin Saraki, the wife of former Senate President, Bukola Saraki as a Non-Executive Director, according to a statement signed by the Company Secretary, Bernice Anya.
Saraki’s appointment, subject to ratification by shareholders at the company’s next Annual General Meeting (AGM).
The development, the company noted, will strengthen the company’s board as it builds on its recent financial recovery and growth momentum.
NCR Nigeria stated that the appointment followed a written resolution passed by its Board of Directors.
“The Board of Directors of NCR (Nigeria) Plc, by way of a written resolution, appointed Her Excellency, Mrs Oluwatoyin Saraki, as a Non-Executive Director on the Board of the Company, subject to ratification by the shareholders at the next Annual General Meeting of the Company”, the statement noted.
The company said Saraki brings extensive experience in law, governance, policy advocacy, and strategic leadership gained across the private, public, and multilateral sectors. The Board and Management also expressed confidence in her ability to contribute meaningfully to the company’s long-term growth and governance objectives.
Saraki is widely recognised for her work in global health and development. She serves as the Inaugural and Emeritus Global Goodwill Ambassador for the International Confederation of Midwives.
She is a Special Adviser to the World Health Organisation (WHO) Regional Office for Africa.
Saraki also holds several advocacy roles, including UNFPA Nigeria Family Planning Champion and Global Champion for the White Ribbon Alliance for Safe Motherhood.
Global crude oil prices have plunged to their lowest level in three months, reversing much of the gains recorded during the recent Middle East supply crisis and raising hopes of lower fuel costs in many oil-importing countries.
The price of Premium Motor Spirit (PMS), popularly known as petrol, could fall to around N900 per litre as Brent crude, the international benchmark for oil prices, fell below the $80 per barrel mark on Tuesday, settling around $78.96 per barrel, its lowest level since early March. U.S. West Texas Intermediate (WTI) also dropped sharply to about $76.05 per barrel.
The decline follows growing optimism that oil flows through the strategic Strait of Hormuz will gradually return to normal following diplomatic progress involving Iran and the United States.
The latest price slump represents a significant decline from levels seen in recent months. Brent crude averaged about $117.29 per barrel in April and $107.14 per barrel in May before easing to around $99 in early June. At the height of the Middle East tensions, Brent briefly surged above $119 per barrel amid fears of supply disruptions.
Market watchers recalled that the prolonged crisis in the Middle East forced crude prices above the $100 per barrel mark, with some periods seeing prices rise beyond $120. The increase had a direct impact on fuel costs across several countries, including Nigeria.
During the period, petrol prices in Nigeria surged from about N830 per litre to around N1,300 per litre. Diesel and aviation fuel also recorded major increases, putting pressure on businesses and transport operators.
Market analysts attribute the sharp fall to expectations that Iranian oil exports could resume more freely and that shipping activities through the Strait of Hormuz may normalize in the coming weeks. The prospect of increased global supply has prompted major financial institutions to cut their oil price forecasts.
Beyond geopolitical developments, weaker demand from China, persistent inflation concerns, and slowing global economic growth have also weighed on crude prices. Traders are increasingly betting that global oil supplies will improve while demand growth remains subdued.
For Nigeria, the decline in crude oil prices presents a mixed picture. While lower global oil prices could help reduce the cost of imported refined petroleum products and potentially ease pressure on fuel prices, it may also reduce government revenues, given the country’s heavy dependence on crude oil exports.
Despite the recent crash, analysts warn that volatility remains high and that any fresh disruption in the Middle East could quickly send prices higher again. For now, however, the market appears focused on improving supply prospects, pushing crude prices to their lowest levels since March
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