Nigeria, April 29 -- The Senate on Wednesday approved President Bola Tinubu's request to secure a $516.3 million loan from Deutsche Bank AG to finance the construction of the Sokoto-Badagry Superhighway, a flagship infrastructure project under his Renewed Hope Agenda.

The loan will have a tenure of nine years, including a grace period of up to three years, with an interest rate capped at the Chicago Mercantile Exchange (CME) SOFR plus 5.3 per cent annually.

The facility will be backed by insurance from the Islamic Corporation for the Insurance of Investment and Export Credit, the insurance arm of the Islamic Development Bank.

Deutsche Bank AG is a German multinational investment bank and financial services company headquartered in Fran...