President Bola Tinubu has formally requested the National Assembly’s approval for a fresh $21.5 billion external borrowing plan, alongside a ₦758 billion domestic bond aimed at clearing longstanding pension arrears.
The requests were read on the floor of both the Senate and the House of Representatives during plenary sessions on Tuesday.
According to accompanying documents, the loans are intended to fund critical national projects across infrastructure, healthcare, education, water supply, and other key sectors.
The Senate has referred the proposal to its Committee on Local and Foreign Debts, which is expected to deliver its recommendations within two weeks.
In a separate letter, President Tinubu also asked lawmakers to approve the issuance of Federal Government bonds totaling ₦757.9 billion to address pension liabilities under the Contributory Pension Scheme (CPS). The move, he said, would enable the government to fulfill its obligations to retired public servants and restore confidence in the pension system.
“The bond issuance will help resolve long-standing arrears and demonstrate this administration’s commitment to social justice for our retirees,” Tinubu stated in the letter.
Additionally, the President is seeking authorisation to raise another $2 billion locally to boost funding for ongoing and new investments in vital sectors of the economy.
Meanwhile, the House of Representatives also received a revised 2025–2026 external borrowing plan from the President, which includes:
$21.5 billion, €2.2 billion, ¥15 billion (Japanese Yen), €65 billion in grants.
According to Tinubu, the multi-currency loan package aims to tackle Nigeria’s significant infrastructure deficits, stimulate economic growth, and create jobs.
These new borrowing requests come amid rising concerns over Nigeria’s growing debt profile. However, the Presidency insists the funds are essential to closing gaps in development financing and sustaining momentum on key national projects.
