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.

The federal government has moved to reduce transportation costs by accelerating the adoption of compressed natural gas (CNG) as an alternative to petrol, which is sold at N380 per litre, compared to over N1,200 per litre for fuel.

The initiative, led by the Presidential Compressed Natural Gas Initiative (Pi-CNG), is part of efforts to lower transport costs for millions of low-income operators across Nigeria.

Credit scheme for transport workers 

To achieve its objective, Pi-CNG has partnered with financial institutions to expand access to affordable credit for vehicle conversion to CNG, Punch reports.

Speaking at the flag-off ceremony in Abuja on Wednesday, April 22, Ismaeel Ahmed, the Chief Executive Officer of the initiative, said affordability remains the biggest obstacle to CNG uptake.

The initiative includes a partnership with the Presidential Compressed Natural Gas Initiative and Electric Vehicles, Moniepoint Microfinance Bank Limited, Nigerian Consumer Credit Corporation, and National Credit Guarantee Company Limited.

Ahmed said the programme is designed to eliminate the upfront cost barrier that has slowed the adoption of alternative energy vehicles.

He said: “This is a very significant partnership. The barrier is the cost of the conversion kit and installation. “We are reducing that barrier. The kits are being supplied at cost, with no profit margin, because the goal is mass adoption.”

Oceangate Engineering Oil & Gas Limited has said it will appeal to the recent ruling of the Federal High Court ordering the forfeiture of certain assets.

Barr. Nnenna Onyeaso, the Company Secretary said in a statement on Thursday insisting that neither the company nor its leadership was found guilty of any wrongdoing.

Onyeaso said that the firm has described the court’s decision as a civil asset forfeiture order based on suspicion rather than proof, stressing that the judgment did not establish any criminal liability against the organisation.

According to her, the company maintain that it has already directed its legal team to file an appeal, expressing confidence in the judicial process and the outcome of a thorough review of the case.

“To be clear, this ruling is a civil asset forfeiture order with no finding of wrongdoing against Oceangate or its leadership.

“The court’s decision rested on a legal standard of suspicion, not proof, and it is one we intend to pursue fully through the appeals process,” she said in a statement.
The firm secretary also said that Oceangate has reiterated its belief in the rule of law, noting that the appellate system exists to address such outcomes.

She added that the company remained confident that the facts of the case will ultimately affirm its integrity and business practices.

Onyeaso said that the firm also emphasised that its operations remained unaffected, stating that it continues to provide employment for many Nigerians while contributing to the country’s energy sector and broader economy.

“We have always believed in the ability of the judicial process, and that belief has not wavered,” she added.

She noted that Oceangate further expressed appreciation to its employees, partners, and clients for their continued support amid the development, assuring stakeholders of its commitment to transparency and accountability.

The Secretary said that the company reaffirmed its confidence in Nigeria as a viable destination for investment, describing the country as a land of equity, growth, and opportunity.

“We remain committed to the continued growth of our business and the communities we serve as we are optimistic that justice will prevail at the end of the legal process.