Tinubu writes NASS, seeks approval for $21.5bn loan, ₦758bn bond to clear pension arrears
The National Assembly has officially received a request from President Bola Tinubu, seeking approval for a significant $21.5 billion external loan along with a ₦758 billion domestic bond to address outstanding pension liabilities.
The request was presented during the Senate plenary session today and has been directed to the Senate Committee on Local and Foreign Debts for in-depth review, with findings expected within two weeks. The funding aims to finance essential projects across various sectors, including infrastructure, healthcare, education, and water supply.
In addition to this request, President Tinubu has also called for Senate authorization to issue Federal Government bonds in the domestic market, specifically targeting the settlement of pension liabilities under the Contributory Pension Scheme, which amounts to ₦757.9 billion.
The President’s letter highlights that the bond issuance is crucial for tackling long-standing pension arrears and fulfilling the government’s commitments to retired public sector workers. Furthermore, he has requested Senate approval to raise $2 billion from the domestic market to support critical sector investments, which is likewise set to be reviewed by the Committee on Local and Foreign Debts within the same two-week timeframe.
Earlier, President Tinubu communicated with the House of Representatives, seeking approval for a revised external borrowing plan for 2025–2026.
The plan outlines a total borrowing of $21.5 billion, €2.2 billion, ¥15 billion in Japanese yen, and a €65 billion grant, all aimed at addressing the country’s infrastructure needs and boosting employment opportunities. In conjunction with this, an additional ₦757.98 billion from the domestic market is being sought to settle pension obligations.
Source: Channels TV
