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

The request was contained in a letter read during plenary on Thursday by Senate President Godswill Akpabio.

According to the President, the loan is part of the already approved external borrowing plan and will be used to finance key infrastructure projects, including the Sokoto–Badagry 1,000-kilometre Super Highway.

Following the reading of the letter, the Senate referred the request to its Committee on Local and Foreign Debts for further legislative consideration and directed the committee to report back within one week.