President Bola Tinubu has submitted a formal request to the National Assembly seeking approval for a $21.5 billion external loan and a ₦757.9 billion domestic bond issuance to address critical economic needs, including outstanding pension liabilities under the Contributory Pension Scheme.
In a letter read during Tuesday’s Senate plenary, President Tinubu outlined that the external loan, which also includes €2.2 billion, ¥15 billion Japanese yen, and a €65 billion grant, will finance key projects in infrastructure, health, education, and water supply. The Senate referred the request to its Committee on Local and Foreign Debts for scrutiny, with a report expected within two weeks.
Additionally, the President sought authorization for a ₦757.9 billion bond issuance to clear long-standing pension arrears for retired public sector workers. A separate $2 billion domestic market borrowing request was also submitted to support investments in critical sectors. Both proposals have been forwarded to the same Senate committee for review within two weeks.
In a parallel request to the House of Representatives, President Tinubu sought approval for the revised 2025–2026 external borrowing plan, reiterating the $21.5 billion loan and ₦757.98 billion domestic borrowing to tackle infrastructure deficits, boost employment, and settle pension liabilities. The Speaker read the letter during the House session, and the requests are now under legislative consideration.
