Tinubu Seeks National Assembly Approval For $21.5bn External Loan, ₦758bn Domestic Bond for Pensions, Infrastructure
President Bola Tinubu has formally asked the National Assembly to approve a $21.5 billion external loan and a ₦758 billion domestic bond issuance, aimed at financing key national projects and settling longstanding pension liabilities.
The President’s requests were read on the floor of the Senate during plenary today, with the matters referred to the Senate Committee on Local and Foreign Debts for further review. The committee is expected to submit its findings within two weeks.
According to the correspondence, the $21.5 billion loan will be used to fund projects across critical sectors, including infrastructure, health, education, and water supply. The loan is part of a broader 2025–2026 borrowing plan also submitted to the House of Representatives, which includes requests for €2.2 billion, ¥15 billion in Japanese yen, and a €65 billion grant.
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Separately, Tinubu is also requesting approval for the issuance of ₦757.9 billion in domestic bonds to clear arrears under the Contributory Pension Scheme. The move is intended to fulfill the government’s commitment to retired public workers, many of whom have been awaiting unpaid entitlements.
In a third financial proposal, the President is asking the Senate to approve another ₦2 billion loan from the domestic market to support critical investments in sectors such as infrastructure and public services.
Lawmakers will examine all three requests as part of ongoing legislative oversight of national borrowing and debt management strategy.
These requests come amid growing concerns over Nigeria’s rising public debt, but the government insists the funds are essential for closing the country’s infrastructure gap, boosting employment, and honoring its financial obligations to pensioners.
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