The National Assembly (NASS) has officially received a request from President Bola Tinubu seeking legislative approval for a $21.5 billion external loan and a N757.98 billion domestic bond issuance, marking a major financial move aimed at tackling Nigeria’s pressing infrastructure gaps and settling long-standing pension arrears.
The request was presented during Tuesday’s Senate plenary session and has been referred to the Senate Committee on Local and Foreign Debts for review. A detailed report is expected within two weeks.
According to the President’s letter, the external borrowing plan will finance critical projects in infrastructure, education, health, and water supply, while the ₦758 billion bond will be used to settle outstanding pension liabilities under the Contributory Pension Scheme.
“This bond issuance is to fulfil government’s commitment to retired public sector workers,” Tinubu stated.
Additionally, the President sought approval for raising $2 billion from the domestic market to support vital investments in key sectors.
In a related development, Tinubu’s letter to the House of Representatives also requested approval for a revised 2025–2026 borrowing plan, which includes:
- $21.5 billion loan
- €2.2 billion loan
- ¥15 billion Japanese yen loan
- €65 billion grant
These funds, the President noted, are crucial for bridging Nigeria’s infrastructure deficit, creating jobs, and boosting long-term economic growth.
The National Assembly is expected to deliberate on these requests in the coming days, as public discourse around Nigeria’s debt sustainability and fiscal management intensifies.
