Tinubu Seeks National Assembly Approval for $21.5bn Loan, ₦758bn Pension Bond
President Bola Tinubu has requested the National Assembly’s approval for a $21.5 billion external loan and a ₦758 billion domestic bond to address critical national needs, including unpaid pension obligations.
The request was formally presented in a letter read during Tuesday’s Senate plenary session. According to the letter, the funds would be directed toward key sectors such as infrastructure, healthcare, education, and water supply. The proposal has been referred to the Senate Committee on Local and Foreign Debts, which is expected to submit its report within two weeks.
In a separate but related request, President Tinubu urged the Senate to approve the issuance of Federal Government bonds in the domestic market to clear arrears under the Contributory Pension Scheme. This initiative is intended to resolve longstanding pension liabilities and fulfill obligations to retired public servants.
The President is also seeking legislative approval to raise an additional ₦2 trillion (about $2 billion) from the local debt market. These funds would support investments in priority sectors of the economy. This request is likewise being reviewed by the Senate Committee on Local and Foreign Debts.
Earlier, Tinubu sent a similar proposal to the House of Representatives as part of a revised external borrowing plan for 2025–2026. The plan includes $21.5 billion, €2.2 billion, ¥15 billion (Japanese Yen), and a €65 billion grant, all aimed at bridging Nigeria’s infrastructure gap and stimulating job creation.
As part of the government’s broader financing strategy, the President also renewed his call for approval to borrow ₦757.98 billion locally to settle pension arrears.
