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Tinubu seeks NASS approval for $21.5bn loan, ₦758bn pension bond

The revised 2025–2026 borrowing plan includes $21.5 billion, €2.2 billion, ¥15 billion in Japanese yen, and a €65 billion grant.
President Bola Tinubu at the 2025 budget presentation on Wednesday, December 18. [X, formerly Twitter]
President Bola Tinubu at the 2025 budget presentation on Wednesday, December 18. [X, formerly Twitter]

President Bola Tinubu has formally requested the National Assembly's approval for a $21.5 billion external loan and a ₦757.98 billion domestic bond issuance aimed at revitalising critical sectors and settling longstanding pension liabilities.

The request was read on the Senate floor during plenary on Monday, May 26, and has been referred to the Senate Committee on Local and Foreign Debts. A report is expected within two weeks.

According to Tinubu’s letter, the $21.5 billion loan will finance infrastructure, health, education, and water supply projects.

READ ALSO: Tinubu presents ₦1.78 trillion FCT budget to National Assembly

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“This borrowing is necessary to bridge the infrastructure gap, enhance employment opportunities, and improve the standard of living for Nigerians,” the letter stated.

President Bola Tinubu presented the 2024 budget to the National Assembly. [TheStar]

President Bola Tinubu presented the 2024 budget to the National Assembly. [TheStar]

In a separate request, the President is seeking the Senate’s approval to issue ₦757.98 billion in Federal Government bonds.

The proceeds would be used to clear arrears under the Contributory Pension Scheme, fulfilling what Tinubu described as “a long-standing commitment to retired public servants.”

READ ALSO: Tinubu presents ₦1.78 trillion FCT budget to National Assembly

Tinubu is also seeking to raise an additional $2 billion from the domestic market to support investments across key economic sectors.

Earlier, a similar request was sent to the House of Representatives. The revised 2025–2026 borrowing plan includes $21.5 billion, €2.2 billion, ¥15 billion in Japanese yen, and a €65 billion grant.

Both chambers are now set to scrutinise the proposals, as lawmakers weigh the implications of the borrowing plan amid Nigeria’s growing debt profile and pressing economic challenges.

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