NASS receives Tinubu’s request for $21.5b loan, ₦758b pension bond

The loan is intended to fund key sectors such as infrastructure, healthcare, education, and water supply.

The request was presented during a Senate plenary session and has been forwarded to the Senate Committee on Local and Foreign Debts for review. A report is expected within two weeks.

In a separate letter, President Tinubu also asked the Senate to approve the issuance of ₦757.9 billion in domestic bonds to settle outstanding pension arrears under the Contributory Pension Scheme.

According to the President, this move aims to fulfil the government’s obligation to retired public employees.

Additionally, the President is seeking approval to raise $2 billion from the domestic market to support investments in critical areas of the economy.

This request has also been referred to the same Senate committee for evaluation.

Earlier, President Tinubu had written to the House of Representatives, requesting approval for a revised 2025–2026 external borrowing plan.

The updated plan includes loans of $21.5 billion, €2.2 billion, ¥15 billion Japanese yen, and a €65 billion grant.

According to the letter read by the Speaker, the funds are intended to address infrastructure deficits and promote job creation.

These requests represent part of the administration’s broader efforts to improve economic performance and honour financial commitments, especially to pensioners.