National Assembly Receives Tinubu’s Request for $21.5bn Loan and ₦758bn Pension Bond
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 finance key national projects and clear pension arrears.
During Tuesday's plenary session, the Senate read the President's letter, which outlined plans to fund critical sectors such as infrastructure, healthcare, education, and water supply. The request has been referred to the Senate Committee on Local and Foreign Debts, which is expected to present its report within two weeks.
In a separate request, President Tinubu asked the Senate to authorise the issuance of ₦757.9 billion in Federal Government bonds to settle outstanding liabilities under the Contributory Pension Scheme. This move, according to the President, is part of the administration’s commitment to retired public sector workers.
Additionally, the President has sought Senate approval to raise $2 billion from the domestic market to support investments in strategic sectors.
Earlier, Tinubu had written to the House of Representatives, requesting approval for a revised 2025–2026 external borrowing plan. The plan includes loans totaling $21.5 billion, €2.2 billion, ¥15 billion (Japanese yen), and a €65 billion grant, all aimed at addressing Nigeria’s infrastructure gap and boosting employment.
Both chambers of the National Assembly are expected to deliberate on the proposals in the coming weeks.
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