NASS Receives Tinubu’s Request for $21.5bn Loan, ₦758bn Pension Bond
The National Assembly has received a formal request from President Bola Tinubu seeking legislative approval for an external loan of $21.5 billion and a domestic bond issuance of ₦758 billion.
The loan request, outlined in a letter read on the Senate floor during plenary, is intended to fund critical sectors of the Nigerian economy—including infrastructure, healthcare, education, and water supply. It has been referred to the Senate Committee on Local and Foreign Debts for review, with a report expected within two weeks.
In a separate communication, President Tinubu also requested the Senate's authorization for the issuance of Federal Government bonds worth ₦757.98 billion. The proceeds will be used to clear long-standing pension arrears under the Contributory Pension Scheme, reaffirming the government’s commitment to the welfare of retired public sector workers.
Additionally, the President is seeking approval to raise $2 billion from the domestic market to support investments in vital economic sectors.
Earlier, President Tinubu submitted a revised 2025–2026 borrowing plan to the House of Representatives. The plan includes proposals to borrow $21.5 billion, €2.2 billion, ¥15 billion (Japanese yen), and secure a €65 billion grant. According to the President, the funds will be channeled toward addressing Nigeria’s infrastructure gaps and promoting job creation.
All loan and bond requests have been forwarded to the relevant National Assembly committees for further legislative consideration.
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