President Bola Tinubu has requested clearance from the National Assembly to settle outstanding pension commitments through a $21.5 billion foreign loan and a ₦758 billion domestic bond.
The request, which aims to fund important projects in several areas of the economy, including infrastructure, health, education, and water supply, was read on the Senate floor today during plenary.
It has been sent to the Senate Committee on Local and Foreign Debts for further legislative review, with a report due in two weeks.
In a separate proposal, President Tinubu asked the Senate to approve the issuance of Federal Government bonds in the domestic debt market to cover overdue pension commitments under the Contributory Pension Scheme.
The projected bond issuance totals ₦757.9 billion. According to the President’s letter, the bond issuance is designed to address long-standing pension arrears while also fulfilling the government’s promise to retired public sector personnel.
In addition, the President is asking for approval from the Senate to raise $2 billion from the domestic market to assist investments in important economic sectors.
This request has also been referred to the Committee on Local and Foreign Debts for consideration within two weeks.
Earlier, President Tinubu wrote to the House of Representatives, requesting approval for the 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.
According to the letter, which was read on the floor of the House by the Speaker, the loans are intended to address the country’s infrastructure deficit and improve employment, among other objectives.
To settle outstanding pension liabilities, the President is also requesting approval to borrow ₦757.98 billion from the domestic market.
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