President Bola Tinubu has submitted a formal proposal to the National Assembly, requesting legislative backing for a $21.5 billion external loan alongside a ₦758 billion bond aimed at addressing unpaid pension obligations.
The borrowing plan targets key sectors such as infrastructure, healthcare, education, and water supply.
The borrowing plan was presented during today’s Senate plenary and subsequently forwarded to the Committee on Local and Foreign Debts for detailed examination.
The committee is expected to report back within a fortnight.In a separate communication, the President urged the Senate to approve the issuance of domestic bonds worth ₦757.9 billion under the Contributory Pension Scheme.
The aim is to clear long-standing arrears and uphold the administration’s pledge to retired public employees.
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Tinubu also requested permission to raise an additional $2 billion from the domestic financial market to channel into strategic investments across vital economic sectors.
This request has likewise been assigned to the same Senate committee for further review.Earlier, a similar letter was delivered to the House of Representatives, seeking endorsement for the revised 2025–2026 external borrowing plan.
The updated proposal includes loans amounting to $21.5 billion, €2.2 billion, ¥15 billion in Japanese yen, and a €65 billion grant.
According to the President, the funds will be directed towards bridging Nigeria’s infrastructure gap, creating jobs, and advancing economic development.
The pension-related domestic borrowing request of ₦757.98 billion was also reiterated in the House communication.
