The House of Representatives has given approval to President Bola Tinubu’s request to secure a $516.3 million external loan.
The facility is expected to be sourced through syndicated financing arranged by Deutsche Bank AG.
The decision was taken on Tuesday during plenary in Abuja. Lawmakers backed the request after reviewing a report presented by the Deputy Chairman of the House Committee on Aids, Loans, and Debt Management, Abdullahi Rasheed.
The report outlined the purpose of the loan and the structure of the financing. It also addressed concerns around repayment and compliance with existing debt management laws. After deliberations, members of the House adopted the recommendations without major opposition.
The approved sum stands at exactly $516,333,007. It will be raised through a syndicated loan arrangement. This means multiple lenders are expected to participate under the coordination of Deutsche Bank AG.
Although full details of the project funding are yet to be publicly broken down, the loan is believed to be tied to critical national development needs.