President Bola Tinubu has formally requested the National Assembly’s approval for a $21.5 billion external loan and a ₦758 billion domestic bond to address outstanding pension liabilities and finance key sectors of the economy.
The loan request, aimed at supporting critical projects in infrastructure, healthcare, education, and water supply, was presented during a Senate plenary session and has been referred to the Senate Committee on Local and Foreign Debts for review. A report is expected within two weeks.
In a separate request, Tinubu sought the Senate’s consent to issue Federal Government bonds worth ₦757.9 billion in the domestic market to settle long-standing pension arrears under the Contributory Pension Scheme, fulfilling the government’s obligations to retired public workers.
Additionally, the President requested approval to raise $2 billion from the domestic market to support investments in priority sectors of the economy. This proposal was also sent to the relevant Senate committee for legislative consideration within two weeks.
Earlier, the President had written to the House of Representatives seeking approval for the revised 2025–2026 external borrowing plan, which includes borrowing $21.5 billion, €2.2 billion, ¥15 billion in Japanese yen, and securing a €65 billion grant.
According to Tinubu, the funds are intended to reduce Nigeria’s infrastructure gap, stimulate employment, and enhance overall economic development.