President Bola Ahmed Tinubu has formally requested the approval of the National Assembly to secure a total of $21.5 billion in external loans, alongside the issuance of ₦758 billion in domestic bonds to address critical infrastructure needs and settle outstanding pension liabilities.
The request, presented during Tuesday’s Senate plenary, outlines plans to fund key projects in sectors such as infrastructure, health, education, and water supply. The Senate has referred the proposal to the Committee on Local and Foreign Debts for further review, with a report expected within two weeks.
In a separate communication, President Tinubu also sought the legislature’s consent to raise ₦757.9 billion in bonds under the domestic debt market. The funds are specifically earmarked to clear arrears under the Contributory Pension Scheme, fulfilling longstanding obligations to retired public sector workers.
The President noted that the proposed bond issuance is part of a broader initiative to stabilise the economy, improve investor confidence, and honour commitments to pensioners.
Additionally, Tinubu is seeking approval to raise an extra $2 billion from domestic sources to support investment in critical sectors.
Earlier, a similar request was made to the House of Representatives, where the President submitted a revised 2025–2026 external borrowing plan. It includes provisions for borrowing $21.5 billion, €2.2 billion, ¥15 billion Japanese yen, and securing a €65 billion grant.
According to the President, the external borrowing plan is intended to tackle Nigeria’s infrastructure gap, create employment, and boost economic development.
