President Bola Ahmed Tinubu has formally requested the approval of the National Assembly to borrow $21.5 billion from external sources and issue a ₦757.98 billion domestic bond to address critical national needs, ranging from infrastructure and social services to the settlement of long-standing pension arrears.
The President’s letters, which were separately read during Tuesday’s plenary sessions in both chambers of the National Assembly, detailed a wide-ranging financing strategy aimed at revitalising key sectors of the economy.
The requests have been referred to the Senate and House Committees on Local and Foreign Debts for legislative scrutiny, with reports expected within two weeks.
According to the documents, the $21.5 billion loan is part of a revised 2025–2026 external borrowing plan.
The broader financing proposal also includes a request to obtain €2.2 billion, ¥15 billion Japanese yen, and a €65 billion grant.
These funds, President Tinubu explained, are to be channelled into major infrastructure development projects as well as initiatives in health, education, water supply, and employment generation.
In a separate letter addressed to the Senate, the President sought legislative approval for the issuance of Federal Government bonds worth ₦757.98 billion in the domestic debt market.
The proceeds, he stated, would be used to offset outstanding pension liabilities under the Contributory Pension Scheme, ensuring that retired public workers receive their long-overdue benefits.
“This bond issuance is intended to address the backlog of pension liabilities, strengthen the credibility of the Contributory Pension Scheme, and reaffirm our government’s unwavering commitment to the welfare of retirees who have served the nation,” the President wrote.
Further to this, President Tinubu also requested approval to raise $2 billion from the domestic financial market to fund additional investments in critical sectors.
This domestic borrowing, like the external loans, is part of the administration’s strategy to stimulate economic activity and lay a solid foundation for inclusive growth.
During the Senate session, Senate President Godswill Akpabio referred all related requests to the Senate Committee on Local and Foreign Debts, directing the committee to conduct a comprehensive review and report back within two weeks.
On the floor of the House of Representatives, Speaker Tajudeen Abbas also read the President’s borrowing proposal, reiterating that the funds are aimed at bridging the country’s infrastructure deficit and fulfilling the administration’s development agenda.
The revised Medium-Term External Borrowing Plan, as outlined by the President, is expected to support projects that align with Nigeria’s national development priorities and international commitments, including Sustainable Development Goals (SDGs).
