The National Assembly has formally received a request from President Bola Tinubu for the approval of a $21.5 billion external loan and a ₦758 billion domestic bond aimed at clearing outstanding pension liabilities.
The request was presented during Senate plenary and has been referred to the Senate Committee on Local and Foreign Debts for review.
The committee is expected to submit its report within two weeks.
The request, aimed at financing critical projects across various sectors of the economy, particularly infrastructure, health, education, and water supply, was read on the floor of the Senate during plenary today.
In a separate correspondence, President Tinubu asked the Senate to authorise the issuance of Federal Government bonds in the domestic debt market to cover unpaid pension entitlements under the Contributory Pension Scheme.
The proposed bond issuance amounts to ₦757.9 billion.
President Tinubu explained in his letter that the bond issuance would “address long-standing pension arrears and fulfil the government’s commitment to retired public sector workers.”
In addition to the external loan and pension bond, the President also requested approval to raise $2 billion from the domestic market to fund key sectors of the economy.
This request, like the others, has been referred to the Senate Committee on Local and Foreign Debts for scrutiny, with findings expected within two weeks.
Earlier, Tinubu sent a related letter to the House of Representatives seeking approval for a revised 2025–2026 external borrowing plan.
Under the plan, the President is seeking to borrow $21.5 billion, €2.2 billion, ¥15 billion Japanese yen, and a €65 billion grant.
The loans, according to the letter read by the Speaker, are targeted at addressing the country’s infrastructure deficit and improving employment, among other objectives.
