Nigeria, April 23 -- President Bola Tinubu on Thursday asked the Senate to approve a proposal to borrow $516.3 million from Deutsche Bank AG, with insurance backing 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 Frankfurt. It is dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange.

Mr Tinubu said the facility would finance the construction of the Sokoto-Badagry Superhighway, a flagship project under his Renewed Hope Agenda.

The president's request was contained in a letter ready by the Senate President, Godswill Akpabio, duri...