The National Assembly has received a formal request from President Bola Tinubu seeking approval for a $21.5 billion external loan and a ₦758 billion domestic bond to settle outstanding pension liabilities.
The request, aimed at financing critical projects across various sectors of the economy—particularly infrastructure, health, education, and water supply—was read on the floor of the Senate during plenary.
It has been referred to the Senate Committee on Local and Foreign Debts for further legislative scrutiny, with a report expected within two weeks.In a separate request, President Tinubu also sought the Senate’s authorisation for the issuance of Federal Government bonds in the domestic debt market to settle outstanding pension liabilities under the Contributory Pension Scheme.
The proposed bond issuance amounts to ₦757.9 billion.According to the President’s letter, the bond issuance is intended to address long-standing pension arrears and fulfil the government’s commitment to retired public sector workers.
Additionally, the President has requested Senate approval to raise $2 billion from the domestic market to support investments in critical sectors of the economy.
This request has also been referred to the Committee on Local and Foreign Debts for consideration within two weeks.
Reporting by Zachaeus Babalola